The Federal Government says it is offering a discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPCL) for the next 30 days as part of a fresh package of measures to cushion the impact of high fuel prices on Nigerians and stabilize pump prices.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced this at a press briefing on fuel prices and subsidy questions in Abuja.
Oyedele also announced that the Federal Government is targeting a ₦1,350-per-litre ceiling on the ex-gantry or landing cost of petrol.
Oyedele 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.
He added that where the cost rises above the ceiling, refiners and importers would initially bear the shortfall and recover it later when market conditions allow.
To the Minister, the discount is not a subsidy, but an arrangement by the government to sell the petrol at cost.
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