The Federal Government has announced a 30-day discount on Premium Motor Spirit, PMS, sold at Nigerian National Petroleum Company Limited, NNPCL, retail stations nationwide.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday in Abuja during a press briefing on fuel price and cost-of-living interventions.
According to Oyedele, the discount will be implemented in the first instance for 30 days, with priority given to public transport operators to ease transportation costs for Nigerians.
“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, government is just saying we sell to you at cost,” the Minister said.
He explained that the measure is not a return to fuel subsidy regime, but a temporary cost-based pricing arrangement to cushion the impact of high pump prices.
The announcement comes amid rising petrol prices, with NNPCL stations currently dispensing at around N1,355 per litre in Lagos and Rivers and N1,370 in Abuja.
The Minister said the government is also working on other measures including a proposed N1,350 per litre ceiling on ex-depot/landing cost, eliminating illegal levies on highways, accelerating CNG rollout for transporters, and increased support for vulnerable households and small businesses.
More details are expected from NNPCL on implementation modalities.
