Taiwo Oyedele
The federal government has declared a 30-day discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPCL), prioritising public transport operators.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday, October 8, during a press briefing on fuel prices and the subsidy question.
Oyedele said the measure would run for 30 days and was designed to relieve public transport operators amid rising petrol prices and their impact on transport costs.
“We are offering a discount on petrol dispensed by NNPC for the next 30 days in the first instance, with priority for public transport operators nationwide,” he said.
The minister stressed that the initiative should not be interpreted as a return to the petrol subsidy regime.
“It is not a subsidy. Government is saying we will sell to you at cost price,” Oyedele said.
The announcement comes as petrol prices average about ₦1,400 per litre, following a significant rise in international crude oil prices.
Oyedele earlier defended the removal of the petrol subsidy, saying the policy had prevented higher global crude prices from making the impact even more severe.
He said crude oil, which traded at about $70 per barrel before the conflict, had risen, while petrol prices moved from about ₦830 per litre to an average of ₦1,400.
“We do not like ₦1,400/litre. It’s expensive. But if the subsidy had not been removed by Mr President, what we’d be dealing with today would be far worse than ₦1,400,” he said.
The minister also acknowledged that higher fuel prices had increased transport and logistics costs, with the impact particularly severe on vulnerable households.
The 30-day discount, he said, would therefore prioritise public transport operators as the government seeks to cushion the effect of the current fuel price environment without returning to the previous subsidy arrangement.
