Tinubu's government announces petrol discount in all NNPC stations for 30 days

The Tinubu presidency has announced a 30-day discount on petrol sold at the Nigerian National Petroleum Company (NNPC) Limited stations.

The announcement was made by the Minister of Economy, Taiwo Oyedele at a press briefing on fuel prices in Abuja on Thursday October 8.

Minister Oyedele, stated that the move was made prioritising public transporters and explicitly stating that it is not a subsidy but selling at cost.

The measure comes as current petrol prices average around ₦1,400 per litre after the 2023 subsidy removal, following pressure from labour unions like the NLC over high transport costs and living expenses.

“We are offering a discount on petrol dispensed by NNPC limited for the next 30 days in the first instance with priority for public transporters nationwide. So, it’s not a subsidy, the government is just saying we sell to you at cost,” Oyedele said.

Oyedele said that the FG is introducing a price modulation, with a ₦1,350 per litre ceiling that is neither a subsidy nor price control.

“We are introducing price modulation. Government is negotiating a ceiling of ₦1,350 per litre on the ex-gantry or landing cost of petrol to keep the price stable. When costs rise above the ceiling, refineries and importers will carry the shortfall and recover it later. This is neither a subsidy nor price control,” Oyedele said.

He said the federal government is investing in a national strategic fuel reserve. 

The minister added that refined products will be released into the market under clear published rules whenever global distribution or hoarding threatens supply and price stability.