FG Announces 30-Day Petrol Discount at NNPC Stations

The Federal Government has announced a 30-day discount on petrol sold through NNPC Limited stations nationwide, with public transport operators to receive priority under the initiative.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this while speaking at a press briefing on fuel prices and subsidy-related issues.

Oyedele explained that the initiative was not a return to petrol subsidy, stressing that the government would simply sell the product at cost during the period.

“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.

The minister also announced that the government was introducing a price modulation mechanism, with a proposed ₦1,350 per litre ceiling on the ex-gantry or landing cost of petrol.

According to him, when costs rise above the ceiling, refineries and importers would carry the shortfall and recover it later, adding that the arrangement was “neither a subsidy nor price control.”

Oyedele said the Federal Government was also investing in a national strategic fuel reserve, from which refined petroleum products would be released into the market under clear and published rules whenever global supply disruptions or hoarding threaten fuel availability and price stability.

He further said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) was monitoring the market to prevent hoarding, diversion, unjustified margins and underdispensing at filling stations, while ensuring product quality.

The minister acknowledged that households and businesses were facing increased fuel, transportation and logistics costs, with the impact falling most heavily on vulnerable Nigerians.

However, he noted that fuel availability had remained stable across the country despite the prevailing market pressures.

“Availability is the first form of affordability,” Oyedele said.

He also maintained that a subsidy does not eliminate the cost of fuel but merely changes who bears the cost and when it is paid, arguing that previous subsidy regimes ultimately imposed significant financial burdens on the country.