The Federal Government has announced a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited (NNPCL), in a move aimed at reducing the impact of rising fuel and transportation costs on Nigerians.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the measure on Thursday during a press briefing in Abuja.
Oyedele said the discount would apply to petrol dispensed by NNPC, with public transport operators receiving priority under the arrangement.
“There’ll be a discount on NNPC petrol for the next 30 days, with priority for public transporters,” the minister said.
He explained that the arrangement was not a return to petrol subsidy, describing it instead as an arrangement under which the government would make petrol available at cost.
The minister also disclosed that the Federal Government would operate with a negotiated landing cost for petrol, which would be reviewed monthly.
The announcement comes amid renewed pressure over the rising cost of petrol and its impact on transportation, food prices, household expenses and businesses.
Petrol prices have risen sharply in recent weeks amid higher international crude oil prices, increasing pressure on consumers and adding to concerns over the cost of living.
The Federal Government has continued to reject calls for a return to the previous universal petrol subsidy regime, while pursuing measures aimed at reducing the impact of higher energy costs.
The latest 30-day discount therefore represents a temporary intervention rather than an announcement of a permanent reduction in the market price of petrol.
Further details on the exact discount available to motorists, participating NNPC stations and how public transport operators will benefit are expected to emerge as the arrangement is implemented.