Nigerian Government Implements Petrol Price Discount

On October 8, 2026, Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, announced a 30-day discount on petrol sold through the Nigerian National Petroleum Company Limited (NNPCL) during a press briefing in Abuja. Public transport operators will receive priority access under this arrangement.

Oyedele emphasized that this initiative should not be seen as a return to fuel subsidy. He also revealed plans to establish a ceiling of N1,350 per litre on the ex-gantry cost of petrol, which is intended to protect consumers from fluctuations in global crude oil prices and exchange rates.

This ceiling will be reviewed monthly for transparency. The government aims to provide immediate relief to petrol consumers while working towards broader stability in the downstream petroleum sector.

Under the new pricing, petrol in Lagos and Rivers is now N1,355 per litre, while Abuja consumers pay N1,370, and Yobe has the highest price at N1,435 per litre.