Federal Government Unveils 10 Measures to Tackle Petrol Prices

On October 8, 2026, Finance Minister and Coordinating Minister of the Federal Government, Taiwo Oyedele, presented 10 relief measures aimed at mitigating the effects of rising petrol prices on households, businesses, and transport users in Nigeria during a press briefing in Abuja. The first measure includes a 30-day margin discount on petrol sold at stations, prioritizing public transporters.

Oyedele clarified that this does not constitute a return to subsidy, as petrol will be sold at cost. Additional measures include increasing forward sales of crude oil to local refineries, establishing a ceiling of N1,350 per litre on petrol prices, and eliminating illegal road levies.

The government will also enhance cash support for vulnerable households, promote compressed natural gas vehicles, and consider an excess profit tax on operators exploiting the situation. Furthermore, a National Strategic Fuel Reserve will be established, and traffic management improvements will be implemented to reduce fuel consumption.