Federal Government, on Thursday, announced that Nigerians will start buying petrol at lower prices at NNPC filling stations for the next 30 days.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this at a press conference in Abuja.
According to him, “There’ll be a discount on NNPC petrol for the next 30 days, with priority for public transporters”, adding that the Federal Government will also have a “negotiated landing cost which will be reviewed monthly”.
The minister said the government was taking further steps because existing measures had not fully addressed the pressure on households and businesses following increases in fuel and transportation costs.
Under the proposed price modulation mechanism, the government is negotiating a ₦1,350-per-litre ceiling on the ex-gantry or landing cost of petrol, subject to monthly reviews.
But the proposed ceiling does not mean petrol will sell for ₦1,350 per litre at filling stations. Rather, it is intended to prevent sharp movements in global crude prices or the exchange rate from immediately translating into corresponding increases in the cost of petrol.
“Pump prices should not have to follow every swing in global crude or the exchange rate. The government is negotiation a ceiling of N1,350 a litre on the ex gantry or landing cost of petrol to keep pump prices stable,” Oyedele said.
