Nigeria plans to offer discounted petrol at filling stations operated by state-controlled NNPC Limited for an initial 30 days, giving priority to public transport operators, Finance Minister Taiwo Oyedele said on Thursday.
Speaking in Abuja, Oyedele said the measure would allow the government to sell petrol at cost.
“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,” he said.
He said the arrangement was not a subsidy.
The government also plans to sell crude oil forward to domestic refiners, with the duration and price yet to be determined, Oyedele said.
“That preserves your budget, provides certainty to the refiners and price stability to the consumers,” he said.
Oyedele said the government was negotiating a ceiling of 1,350 naira per litre for petrol at the ex-gantry level or on its landing cost to help stabilise fuel prices. The price would be reviewed monthly.
“Pump prices do not have to follow every swing in global crude prices or the exchange rate,” he said.
The federal government is also working with state governments to accelerate the rollout of compressed natural gas (CNG), he added.
Oyedele urged transport operators to pass the savings on to passengers through lower fares.
The government would also consider an “excess profit tax” on operators who take undue advantage of consumers anywhere along the energy value chain, he said.
“The proceeds will be used exclusively to cushion the impact of fuel prices, through transport support or vouchers for urban minimum wage earners who are the most vulnerable,” he said.
Oyedele added that the government would work with the National Assembly to consider additional tax relief for low-income earners under the 2027 Finance Bill.
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