Public transport operators are to receive priority under the 30-day petrol discount announced by the Federal Government as part of efforts to ease rising transportation costs and pressure on household budgets.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure in Abuja on Thursday, saying the government would sell petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) at cost during the initial 30-day 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"
The government is also negotiating a limit of ₦1,350 per litre on the cost of petrol before it reaches filling stations.
The proposed ceiling is intended to prevent sharp changes in global crude oil prices and foreign exchange rates from immediately pushing up fuel costs.
Oyedele explained that the ceiling would not fix pump prices at ₦1,350 per litre.
Instead, refiners and importers would initially absorb costs above the limit and recover the difference when market conditions improve.
The minister said the measures were introduced because previous efforts had not sufficiently eased the impact of higher fuel and transportation costs on households and businesses.
He added that the proposed cost ceiling would be reviewed monthly, with the figures published to promote transparency.
According to the government, the arrangement is neither a return to fuel subsidy nor a form of price control, but a mechanism to reduce sudden price fluctuations and make fuel costs more predictable.
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