The Federal Government has announced a temporary reduction in the price of petrol at Nigerian National Petroleum Company Limited (NNPCL) filling stations, with the arrangement expected to last for 30 days.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday during a press briefing in Abuja.
According to Oyedele, the initiative is designed to make petrol available to Nigerians at cost rather than serve as a return to the subsidy regime.
He explained that the government would also negotiate the landing cost of petrol and review it monthly as part of the arrangement.
“There’ll be a discount on NNPC petrol for the next 30 days, with priority for public transporters. So, it’s not a subsidy, the government is just saying we sell to you at cost,” Oyedele said.
The minister’s announcement comes amid continued concerns over the cost of transportation and the impact of fuel prices on household expenses and businesses across the country.
The Federal Government is expected to give priority to public transport operators under the 30-day arrangement, although the minister did not provide further details on the exact amount of the discount.
The government’s position is that the measure should not be interpreted as a reinstatement of petrol subsidy, but as a temporary arrangement aimed at selling the commodity at cost.
