JUST IN: FG sets ₦1,350 ceiling for petrol price
The Federal Government plans to introduce a price-modulation mechanism for petrol, with a proposed ceiling of ₦1,350 per litre on the landing cost. Read More: https://punchng.com/just-in-fg-sets-%e2%82%a61350-ceiling-for-petrol-price/
The Federal Government has introduced a price-modulation mechanism for petrol, implementing a ₦1,350 per litre ceiling on the ex-gantry or landing cost of the commodity. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced this during a press briefing in Abuja, stating that the measure aims to maintain stable petrol prices without being a subsidy or price control.
Refineries and importers will absorb any costs exceeding the ceiling and recover the difference later. Additionally, the government plans to forward sell crude oil to domestic refineries to shield petrol prices from international market volatility, providing certainty to refiners and price stability to consumers.
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