FG announces 30-day petrol discount for public transporters

The Federal Government has announced a 30 day discount on petrol sold by the Nigerian National Petroleum Company Limited (NNPC Limited).

The discount will mainly benefit public transport operators across the country.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure on Thursday, October 8, 2026, during a press briefing in Abuja.

Oyedele said the arrangement was not a return to fuel subsidy. He explained that the government would allow NNPC Limited to sell petrol at cost for the next 30 days as part of efforts to reduce sudden increases in fuel prices.

“Government is just saying we sell to you at cost,” the minister said.

The government also plans to introduce forward sales of crude oil to domestic refineries.

According to Oyedele, this will help protect local petrol prices from sudden changes in global crude oil prices.

He explained that the government could agree to sell crude oil to refiners at a fixed price for several months. This would give refiners more certainty about their costs and help keep petrol prices more stable for consumers.

Oyedele said the government was also working on a price ceiling of N1,350 per litre for the ex gantry or landing cost of petrol.

He stressed that the measure was neither a subsidy nor price control.

The minister said petrol prices should not increase every time there is a change in global crude oil prices or the exchange rate.

Under the proposed arrangement, if the cost of petrol rises above N1,350 per litre, refiners and importers would temporarily absorb the difference and recover it later when market conditions improve.

Oyedele said the aim was to reduce sharp movements in petrol prices.

He explained that keeping prices relatively stable would be better for consumers because increases in transport fares and other costs usually happen quickly when fuel prices rise, but do not fall at the same speed when fuel becomes cheaper.

The government plans to review the N1,350 price ceiling every month. Relevant data and figures will also be published to promote transparency.

The measures come amid recent increases in petrol prices across the country.

In Lagos, many filling stations were recently selling petrol between N1,400 and N1,430 per litre, while some MRS stations sold at about N1,395 per litre.

In Abuja, petrol prices were reported to range between N1,400 and N1,450 per litre.

The government said the latest measures are aimed at reducing the impact of changes in crude oil prices and exchange rates on petrol prices, transport costs, businesses and consumers.