Nigeria Looks to Ease Fuel Prices as Election Looms
The discount will come from NNPC Retail’s profit margin and is meant to ease transport costs without restoring a blanket fuel subsidy.
- On Thursday, Finance Minister Taiwo Oyedele announced that NNPC Retail will sell petrol at landing cost for 30 days, prioritizing public transport operators to cushion households from global crude price shocks.
- Rising international crude prices, with Brent trading above $100 per barrel following regional conflict, drove domestic petrol from about N830 to an average of N1,400 per litre, prompting intervention.
- Petroleum product marketers reported confusion on Monday as the proposed N1,350-per-litre price had not reflected uniformly; filling stations in Abuja adjusted prices between N1,370 and N1,410 per litre.
- The Centre for the Promotion of Private Enterprise, or CPPE, clarified on Tuesday that the initiative is temporary relief from external shocks, not a reversal of the 2023 subsidy removal reform.
- To manage future volatility, the government is negotiating a N1,350-per-litre ex-gantry price ceiling reviewed monthly, while accelerating Compressed Natural Gas deployment, which officials claim costs 60 to 70 per cent less than petrol.
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75 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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