The Federal Government has announced a 30-day discount on petrol sold at stations operated by the Nigerian National Petroleum Company Limited (NNPC Ltd), with public transport operators to receive priority under the arrangement.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure on Thursday, October 8, 2026, during a press briefing in Abuja on developments in petrol pricing and government interventions.
Oyedele explained that the initiative was a margin discount rather than a return to the fuel subsidy regime, stressing that the government would essentially sell petrol to targeted beneficiaries at cost.
“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,” he said.
The minister also disclosed that the Federal Government was negotiating a price ceiling of N1,350 per litre for the ex-gantry, or landing, cost of petrol.
According to him, the proposed ceiling is aimed at reducing sharp fluctuations in petrol pump prices and would be reviewed monthly.
He added that the government would publish the figures regularly as part of efforts to promote transparency in petrol pricing.
Beyond the petrol discount, Oyedele said the Federal Government was implementing other measures to cushion the effects of higher fuel prices on households and businesses.
These include increased cash transfers to vulnerable households, subsidised credit for small businesses and consumers, as well as an accelerated rollout of compressed natural gas (CNG) vehicles.
Oyedele further disclosed that the government had granted a full waiver of taxes and duties on petrol, which he said was valued at more than N3.3 trillion for the period ending September 30, 2026.
The minister stressed that the interventions should not be interpreted as a restoration of the blanket petrol subsidy previously operated by the government.
“To be perfectly clear, none of these measures restores a blanket subsidy. To do so would amount to creating longer term harm for a short-term cure. Each measure is designed to reach the people who need help, without putting the wider economy at risk,” he said.
The announcement comes amid variations in petrol pump prices across NNPC stations nationwide.
NNPC’s latest reported price list puts petrol at N1,355 per litre in Lagos and Rivers states, while the price in Abuja stands at N1,370 per litre.
