Federal Government Implements Fuel Price Relief Measures

The Federal Government has introduced a new set of measures to mitigate the effects of rising fuel prices on Nigerians. Announced by Prof. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, during a briefing in Abuja, the measures include a 30-day margin discount at NNPC stations and a proposed ceiling of ₦1,350 per litre on ex-gantry or landing costs, subject to monthly reviews.

The government aims to provide immediate relief to consumers and plans to explore forward sales of crude oil to local refiners to stabilize domestic prices. Additional initiatives include eliminating illegal levies and road-use charges, increasing funding for cash transfers to vulnerable households, and enhancing support for small businesses.

The government is also considering an excess profits tax and targeted vouchers for low-income earners. Other measures involve reducing regulatory costs, establishing a National Strategic Fuel Reserve, and improving traffic management to lower fuel consumption.