Tinubu's Administration Defends Petrol Price Discount Amid Criticism

The Presidency defended the discounted petrol price announced on October 5, 2026, by Taiwo Oyedele, the Coordinating Minister of the Economy and Minister of Finance. President Bola Tinubu is said to be following global leaders' examples in addressing crude oil supply disruptions.

Sunday Dare, the Special Adviser to the President on Media and Public Communications, responded to Atiku Abubakar, the presidential candidate of the African Democratic Congress, who labeled the announcement as panic-driven. Dare highlighted measures taken by leaders in the United Kingdom and the United States to provide relief to citizens amid rising oil prices.

He also criticized Atiku's suggestion for a "production subsidy," explaining that Nigeria's crude oil production is constrained by contractual obligations with international oil companies, leaving fewer than 700,000 barrels per day of unencumbered crude available for domestic use.