FG announces 30-day petrol discount for transporters at NNPC filling stations

The Federal Government has announced a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited, NNPCL, with public transport operators to receive priority under the arrangement. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday during a press briefing on petrol prices and subsidy-related issues in Abuja. Oyedele said the measure was not a return to petrol subsidy, explaining that the government would instead allow NNPCL to sell the product at cost during the period.

He said the discount would initially run for 30 days, with public transport operators prioritised nationwide. “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,” Oyedele said.

The announcement comes amid variations in petrol prices at NNPCL stations across the country. According to NNPCL’s latest reported price list, petrol sells for N1,355 per litre in Lagos and Rivers states, while the pump price in Abuja is listed at N1,370 per litre. The government’s latest intervention is expected to provide some relief to public transport operators and other beneficiaries during the 30-day period.

The post FG announces 30-day petrol discount for transporters at NNPC filling stations appeared first on Vanguard News. By Ayobami Okerinde The Federal Government is planning to negotiate a ceiling of N1,350 per litre on the ex-gantry cost of petrol in a move aimed at shielding pump prices from fluctuations in global crude oil prices and exchange rates. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, disclosed this on Thursday in Abuja while addressing a press conference on fuel prices and subsidy-related questions.

However, Oyedele acknowledged that the measures being proposed by the Federal Government would not completely ease the pressure on households. He then outlined the proposed measures, including the N1,350 ceiling on the ex-gantry or landing cost of petrol, which he said was designed to reduce volatility in pump prices. “We are introducing price modulation.

Pump prices should not have to follow every swing in global crude or exchange rate. The government is negotiating a ceiling of N1,350 a litre on the ex-gantry cost of petrol to keep pump prices stable,” he said. According to him, where the actual cost rises above the ceiling, refiners and importers would bear the shortfall and recover it later when crude prices or exchange rates become favourable, without breaching the ceiling.