Nigeria Looks to Ease Fuel Prices as Election Looms
Officials said reinstating the subsidy would drain more than N20 trillion a year and push pump prices to at least N2,000 per litre.
- On Thursday, Finance Minister Taiwo Oyedele announced new measures to stabilize petrol prices, rejecting calls to restore fuel subsidy while introducing a N1,350-per-litre ceiling and temporary discounts at NNPC Limited stations.
- Nigeria removed fuel subsidies in 2023, but recent global oil shocks pushed petrol prices to about N1,400 per litre, prompting the administration to prioritize targeted relief over returning to blanket subsidies.
- Under the arrangement, NNPC Retail will offer a 30-day discount for public transporters, while the government negotiates a N1,350 ceiling to shield pump prices from global volatility and prevent sharp movements in exchange rates.
- Opposition contender Peter Obi criticized the relief plan as an "attempt to re-introduce petrol subsidy through the backdoor," though officials argue the intervention is neither a subsidy nor price control but a mechanism to sell at cost.
- The administration is accelerating Compressed Natural Gas deployment and establishing a National Strategic Fuel Reserve to secure long-term energy stability and reduce reliance on imported petrol amid broader fiscal interventions aimed at easing inflation.
30 Articles
30 Articles
Nigeria: Fuel Subsidy Would Cost Nigeria Over N20trn Yearly
The Federal Government has rejected calls for the return of petrol subsidy, warning that restoring petrol to its pre-reform price would cost more than N20 trillion annually and could eventually push the exchange rate towards N3,000 to a dollar and petrol prices to at least N2,000 per litre.
Nigeria looks to ease fuel prices as election looms
Africa's top oil producer hosts the continent's largest refinery, owned by Africa's richest man Aliko Dangote. But fuel prices have risen to about 1,400 naira ($1.00) per litre from the 830 naira seen before the war in the Middle East, with the government doing little to rein in prices and instead deferring to the market. Petrol had been even cheaper before President Bola Tinubu, seeking re-election in January, removed costly fuel subsidies at t…
Fuel subsidy would cost Nigeria over N20trn yearly
The Federal Government has rejected calls for the return of petrol subsidy, warning that restoring petrol to its pre-reform price would cost more than N20 trillion annually and could eventually push the exchange rate towards N3,000 to a dollar and petrol prices to at least N2,000 per litre.
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
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