FG Implements 30-Day Petrol Discount at NNPC Stations

On October 9, the federal government, represented by Mr. Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, introduced a 10-point intervention plan to address the rising petrol prices and the broader energy crisis. This plan includes a 30-day discount on petrol sold at Nigerian National Petroleum Company Limited (NNPC) filling stations, with public transporters receiving priority.

The government has set a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol to stabilize domestic prices against fluctuations in global energy costs. Oyedele clarified that this initiative is not a return to fuel subsidy or price control but aims to smooth out price volatility.

Additionally, the government plans to remove illegal levies that increase transportation costs and expedite the deployment of Compressed Natural Gas (CNG) while enhancing support for vulnerable Nigerians.