Nigeria's Government Works on Fair Fuel Pricing Strategy

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, stated that the Federal Government is actively working with petrol marketers and regulatory bodies to address concerns regarding fuel pricing in Nigeria. This announcement came during a briefing following a Federal Executive Council (FEC) meeting chaired by President Bola Tinubu in Abuja.

Oyedele expressed the government's commitment to ensuring a fair downstream petroleum sector, especially as global crude oil prices have recently decreased to around $75-$76 per barrel. He noted that the market's reluctance to reduce fuel prices despite this drop is concerning.

The government aims to strike a balance that maintains commercial viability while protecting consumers from unfair pricing practices. Additionally, Oyedele mentioned fiscal measures introduced by the Tinubu administration, including the suspension of Value Added Tax (VAT) and excise duties on petroleum products, to help mitigate the impact of global energy price increases.