FULL LIST: FG unveils 10 measures to cushion impact of rising petrol prices

The Federal Government has introduced ten measures aimed at mitigating the effects of increasing petrol prices and safeguarding households, businesses, and transport users from potential price fluctuations. During a press conference in Abuja, Finance Minister Taiwo Oyedele detailed the steps taken by the government to address the issue. The ten measures include:

1. A 30-day petrol discount at NNPC stations, with priority for public transport users.

2. Increased forward sales of crude oil to local refineries, which will help shield domestic petrol prices from global market fluctuations.

3. Negotiations for a N1,350 ceiling on petrol landing cost, with refiners and importers absorbing any excess costs.

4. Removal of illegal levies and road taxes to reduce transportation costs.

5. Increased cash transfers and subsidized credit for vulnerable households and small businesses.

6. Faster deployment of compressed natural gas (CNG) vehicles, with support from both federal and state governments.

7. Consideration of an excess profit tax for operators exploiting the situation along the energy value chain, with funds directed to mitigate fuel price impacts.

8. Reduction of unnecessary regulatory costs for businesses.

9. Establishment of a National Strategic Fuel Reserve to improve supply security and reduce market volatility.

10. Improved traffic management in urban areas to minimize fuel consumption and logistics costs.