FG Introduces 30-Day Petrol Discount, Sets Price Ceiling
On October 8, the Federal Government announced a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited (NNPCL), prioritizing public transport operators. Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the intervention aims to alleviate the burden of high petrol prices on transport operators and commuters.
Currently, petrol prices average ₦1,400 per litre. Oyedele emphasized that this discount should not be seen as a return to the unsustainable fuel subsidy regime, clarifying that the government will sell petrol at cost price.
Additionally, the government is negotiating a ceiling of ₦1,350 per litre on the ex-gantry cost of petrol to stabilize pump prices against fluctuations in global crude oil prices and exchange rates. This price modulation mechanism is designed to provide predictability for consumers and businesses without being classified as a subsidy or price control.
The ceiling will be reviewed monthly, with necessary adjustments published.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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