“There’ll Be a Discount on NNPC Petrol for the Next 30 Days” — Oyedele

By Taibat Ummi Yakubu

Nigerians may soon spend less on petrol as the Federal Government has announced a temporary price reduction at NNPC filling stations and unveiled fresh measures aimed at shielding consumers from rising fuel costs.

The announcement was made on Thursday by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who said the discount would run for an initial period of 30 days and would particularly benefit public transport operators.

According to Oyedele, the move forms part of broader government efforts to ease the burden on households and businesses struggling with the impact of rising fuel prices and transportation costs.

He disclosed that motorists purchasing fuel from NNPC retail outlets would enjoy discounted prices during the period, while transport operators would receive priority consideration under the initiative.

The minister explained that the government had also introduced a new price-stabilisation framework designed to prevent sudden increases in global crude oil prices or exchange-rate fluctuations from immediately translating into higher petrol prices across the country.

As part of the plan, the government is negotiating a benchmark of ₦1,350 per litre for the ex-depot or landing cost of petrol, with the figure to be reviewed periodically based on prevailing market conditions.

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Oyedele clarified that the proposed benchmark should not be mistaken for the pump price of petrol at filling stations.

Rather, he said the arrangement is intended to create a buffer that would help cushion consumers from extreme price shocks and provide greater stability in the downstream petroleum market.

Under the proposed mechanism, government officials hope to moderate the effect of volatile international oil prices and foreign exchange movements on the domestic fuel market.

The minister noted that previous interventions had not fully addressed the economic pressure facing Nigerians, particularly in transportation and other sectors heavily dependent on fuel.

He said the latest initiative was designed to provide short-term relief while supporting broader efforts to stabilise prices and reduce the cost of living.

The development comes amid ongoing concerns over the impact of fuel costs on inflation, transportation fares and business operations across the country.

If successfully implemented, the discount programme and price-modulation strategy could offer temporary relief to millions of Nigerians while providing a more predictable pricing environment for fuel marketers, transport operators and consumers.

The government is expected to release further details on the implementation of the discount scheme and the pricing framework in the coming days.