Nigeria Sets ₦1,350 Petrol Price Ceiling to Ease Costs

The Federal Government of Nigeria, under President Bola Tinubu, has proposed a ceiling of ₦1,350 per litre on the ex-gantry or landing cost of petrol to alleviate the impact of rising fuel prices on households and businesses. Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, announced this during a press briefing in Abuja.

He clarified that the ₦1,350 figure is a ceiling and does not guarantee that petrol will be sold at that price at filling stations. The government is implementing a price-modulation mechanism to prevent sharp fluctuations in petrol prices due to global crude oil price movements and exchange rate changes.

Additionally, a 30-day discount on petrol from the Nigerian National Petroleum Company Limited (NNPCL) will prioritize public transport operators. The government is also increasing funding for cash transfers to vulnerable households and considering measures such as targeted vouchers and an excess-profit tax on operators exploiting consumers.