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The federal government says it will offer a discount on petrol dispensed at the filling stations of the Nigerian National Petroleum Company (NNPC) Limited for the next 30 days.
Taiwo Oyedele, minister of finance, announced the gesture at a press conference on Thursday in Abuja.
“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.
The minister said transporters would be given first priority, adding that the measure is not a subsidy but an arrangement for the government to sell petrol at cost.
Further speaking on measures to alleviate the economic pressures households experience, the minister said the government plans forward sale of crude oil to domestic refiners at a yet-to-be determined period and price.
“That preserves your budget, provides certainty to the refiners and price stability to the consumers,” he said.
“Pump prices do not have to follow every swing in global crude prices or the exchange rate. Government is negotiating a ceiling prices of N1,350 a litre on the ex-gantry or the landing cost of petrol to keep fuel prices stable.”
Oyedele said the price would be reviewed monthly.
The minister also said the federal government is scaling up deployment, in collaboration with the states, to accelerate the rollout of compressed natural gas (CNG).
He said transporters are encouraged “to pass the savings on to passengers in lower fares”.
The minister said the federal government will also consider an “excess profit tax” for operators who take undue advantage of consumers, anywhere along the energy value chain.
“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.
The minister added that “we will also work with the National Assembly to consider enhanced tax relief for low-income earners under the 2027 Finance Bill”.
