Fuel Price: FG Offers 30-day Discount at NNPC Stations
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The Nigerian government recently introduced a 30-day discount on petrol at NNPC filling stations across the country to alleviate the impact of rising fuel prices and the ongoing energy crisis. Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, announced the move during a press conference in Abuja. The discount is prioritized for public transporters and aims to stabilize pump prices from global market volatility.
The government also negotiated an N1,350 per litre ceiling on the ex-gantry or landing cost of petrol to keep prices stable and prevent immediate reactions to fluctuations in international crude prices and exchange rates. Additionally, the administration is working to remove illegal levies, increase support for vulnerable Nigerians through cash transfers and subsidised credit for small businesses, and expand the deployment of Compressed Natural Gas (CNG).
The government is also considering an excess profit tax on operators who exploit consumers during the energy crisis and plans to release refined products from a National Strategic Fuel Reserve to protect households and businesses from future energy shocks.
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