Nigeria Looks to Ease Fuel Prices as Election Looms
Officials said NNPC Retail will sell petrol at cost for 30 days while refiners and importers absorb shortfalls under a monthly price ceiling.
- On Thursday, Finance Minister Taiwo Oyedele announced that Nigerian National Petroleum Company Retail will forgo its retail margin and sell petrol at landing cost for 30 days, prioritizing public transport operators nationwide.
- Global crude prices surged above $100 per barrel following regional conflict, pushing domestic petrol prices to roughly 1,400 naira per litre and prompting the government's temporary intervention to shield households from volatile energy costs.
- Oyedele emphasized the measure is neither subsidy nor price control, noting the government is negotiating a 1,350 naira per litre ex-gantry ceiling and introducing forward sales of crude to domestic refineries to shield pump prices from global volatility.
- Alongside the fuel discount, officials are scaling up Compressed Natural Gas deployment and expanding cash transfers to vulnerable households; opposition leader Peter Obi criticized the measures as an "attempt to re-introduce petrol subsidy through the backdoor."
- The administration reiterated that reversing the 2023 subsidy removal remains off the table, warning that reinstating the policy could cost more than 20 trillion naira annually and threaten long-term economic stability.
65 Articles
65 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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