FG announces 30-day petrol discount at NNPC stations

The Federal Government has introduced a 30-day discount on petrol sold at stations operated by the Nigerian National Petroleum Company Limited (NNPC), with public transport operators set to receive priority under the initiative.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure on Thursday during a briefing in Abuja on recent developments in petrol pricing and government interventions.

Oyedele explained that the arrangement was a temporary margin discount rather than a return to the fuel subsidy regime.

“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance with priority for public transporters nationwide. So, it’s not a subsidy; the government is just saying we sell to you at cost,” he said.

According to the minister, the government is also working with industry stakeholders on a proposed ceiling of N1,350 per litre for the ex-gantry, or landing, cost of petrol.

He said the proposed ceiling was intended to limit sudden changes in the cost of petrol and provide greater stability in pump prices.

Under the arrangement being considered, refiners and importers would bear any difference when the actual cost rises above the agreed ceiling. They would subsequently recover the difference when crude oil prices or foreign exchange conditions improve.

Oyedele said the proposed ceiling would be reviewed every month, with the figures made public to promote transparency.

The Federal Government is also implementing other interventions aimed at reducing the impact of higher petrol prices on Nigerians.

These include increased cash transfers to vulnerable households, subsidised credit for small businesses and consumers, as well as an accelerated programme to deploy compressed natural gas (CNG) vehicles.

Oyedele disclosed that the government had granted a full waiver on taxes and duties applicable to petrol, putting the value of the relief at more than N3.3 trillion for the year ending September 30, 2026.

The minister stressed that the latest measures should not be interpreted as a reinstatement of a general petrol subsidy.

“To be perfectly clear, none of these measures restores a blanket subsidy. To do so would amount to creating longer term harm for a short-term cure. Each measure is designed to reach the people who need help, without putting the wider economy at risk,” he said.

The intervention comes amid differences in petrol pump prices across the country.

NNPC’s latest reported price list puts petrol at N1,355 per litre in Lagos and Rivers states, while the product is listed at N1,370 per litre in Abuja.