{"id":5046,"date":"2026-10-09T13:57:54","date_gmt":"2026-10-09T13:57:54","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=5046"},"modified":"2026-10-09T13:57:54","modified_gmt":"2026-10-09T13:57:54","slug":"nigerian-government-highlights-objectives-of-30-day-cheaper-fuel-plan-for-consumers","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=5046","title":{"rendered":"Nigerian Government highlights objectives of 30-day cheaper fuel plan for consumers"},"content":{"rendered":"

*Taiwo Oyedele, Minister for Finance and Coordinating Minister of the Economy, emphasises the Federal Government’s  proposed price modulation mechanism targets a \u20a61,350 per litre ceiling for energy consumers on the ex-gantry or landing cost of petrol in Nigeria<\/em><\/strong><\/p>\n

Isola Moses | ConsumerConnect<\/p>\n

The Nigerian Government has clarified the announced 30-day discount for fuel prices is not a oil subsidy.<\/p>\n

The government described the discount as an arrangement to sell the petrol at cost in view of the unstable prices in the international market.<\/p>\n

ConsumerConnect<\/em> reports the discount on pump price of petrol is purely an oil discount to be enjoyed at the oil retail outlets of the Nigerian National Petroleum Company Limited (NNPCL).<\/p>\n

The Federal Government also announced that after the next 30 days, a fresh package of measures to cushion the impact of high fuel prices on Nigerian energy consumers and stabilise pump prices would be announced.<\/p>\n

Highlighting the rationale for the arrangement in the oil sector of the Nigerian economy, Mr. Taiwo Oyedele, Honourable Minister for Finance and Coordinating Minister of the Economy, at a media briefing Thursday, October 8, 2026, in Abuja, FCT,  answered media questions bordering on a possible return to the fuel subsidy regime.<\/p>\n

Oyedele said: \u201cWe 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\u2019s not a subsidy, government is just saying we sell to you at cost.\u201d<\/p>\n

On government’s proposed price modulation mechanism<\/strong><\/p>\n

Oyedele disclosed the Federal Government is targeting a \u20a61,350-per-litre ceiling for energy consumers on the ex-gantry or landing cost of petrol in Nigeria.<\/p>\n

The Minister said the government was taking further steps because existing measures had not fully addressed the pressure on households, businesses and organisations, following increases in fuel and transportation costs across the West African country.<\/p>\n

The government said under the proposed price modulation mechanism, the government is negotiating a \u20a61,350 per litre ceiling on the ex-gantry or landing cost of petrol, subject to monthly reviews of the petroleum products pricing.<\/p>\n

Arrangement not a subsidy nor price control, says Oyedele<\/strong><\/p>\n

The Minister, nonetheless, said that the proposed ceiling didn’t not mean petrol would sell for \u20a61,350 per litre at filling stations across the country.<\/p>\n

He noted instead, the proposal is intended to prevent sharp movements in global crude prices or the exchange rate from immediately translating into corresponding increases in the cost of petrol for consumers.<\/p>\n

Oyedele declared: \u201cPump prices should not have to follow every swing in global crude or the exchange rate.<\/p>\n

“The government is negotiation a ceiling of N1,350 a litre on the ex gantry or landing cost of petrol to keep pump prices stable.”<\/p>\n

Where the cost rises above the ceiling, refiners and importers initially, will bear the shortfall and recover it later when market conditions allow, noted he.<\/p>\n

The Minister further stressed that the arrangement is neither a subsidy nor price control, but a mechanism designed to smooth out petrol prices over time.<\/p>\n

He restated: \u201cThe reasoning is simple, N1,400 a litre today and N1,400 a litre tomorrow is better than N1,500 a litre today and N1,300 a litre tomorrow. Why?<\/p>\n

“Because volatility itself adds to uncertainty and cost and when fuel goes up sharply, they rarely come down as fast.\u201d<\/p>\n

He said the ceiling would be reviewed monthly, with the figures published for transparency.”<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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