FG Targets ₦1,350/Litre Ceiling On Petrol Cost To Stabilise Pump Prices
The plan would smooth petrol prices over time, with refiners and importers covering temporary shortfalls and the ceiling reviewed monthly.
- On Thursday, The Federal Government announced a target N1,350-per-litre ceiling on the landing cost of Premium Motor Spirit in Abuja, which Coordinating Minister of the Economy Taiwo Oyedele explained aims to shield Nigerians from volatile global crude prices.
- The Minister stated this arrangement is neither a subsidy nor price control, but a modulation mechanism designed to smooth out prices over time and provide greater certainty for refiners and consumers.
- Refiners and importers will absorb costs exceeding the N1,350 ceiling, recovering the shortfall later when market conditions allow, with monthly reviews ensuring transparency and stability for the Economy.
- As part of wider measures, the Nigerian National Petroleum Company Limited will offer a temporary margin discount on petrol for an initial 30 days, prioritizing public transporters to help ease transportation expenses.
- The Federal Government is also exploring forward sales of crude oil to local refiners to strengthen supply security, while The Minister plans to leverage NIPOST address codes to lower logistics costs and regulatory expenses.
13 Articles
13 Articles
BREAKING: FG pegs fuel price at N1,350 per litre
The Federal Government has has pegged the price of Premium Motor Spirit, PMS, otherwise known as petrol to N1,350 per litre. The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this announcement on Thursday during a press briefing on petrol prices and subsidy-related issues in Abuja. According to him, the arrangement […] BREAKING: FG pegs fuel price at N1,350 per litre
Hardship: FG proposes N1,350 ceiling for petrol ex-gantry
"We are introducing price modulation. Pump prices should not have to follow every swing in global crude or exchange rate. The government is negotiating a ceiling of N1,350 a litre on the ex-gantry cost of petrol to keep pump prices stable," he said.
Nigeria Negotiates N1,350 Ceiling to Cushion Fuel Price Impact
The Nigerian Government says it is negotiating a ₦1,350 per litre ceiling on the ex-gantry or landing cost of petrol, under a proposed price-modulation arrangement aimed at shielding Nigerians from sharp fluctuations in global crude prices and exchange rates. The government says the mechanism would allow refiners and importers to absorb temporary increases in costs […]
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