The Federal Government has announced plans to stabilise petrol prices by negotiating a ceiling of ₦1,350 per litre on the ex-gantry or landing cost of petrol. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the proposed price modulation system is intended to reduce the impact of fluctuations in global crude prices and the exchange rate.
Oyedele explained that the arrangement would require refiners and importers to absorb any shortfall when costs rise above the proposed ceiling and recover it when market conditions improve. He stressed that the measure is not a return to fuel subsidy or price control, but an effort to make petrol prices more stable and predictable.
The government also announced a 30-day discount on petrol sold through NNPC Limited stations, with priority given to public transporters nationwide. Other measures include increased support for vulnerable households, faster CNG deployment, removal of illegal levies, consideration of an excess profit tax and plans for a National Strategic Fuel Reserve.
