FG Announces 30-Day Petrol Discount at NNPC Stations

The Federal Government has announced a 30-day discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPC) as part of measures to ease pressure from rising fuel and transportation costs.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measure on Thursday during a press briefing on fuel prices and subsidy-related issues in Abuja.

Oyedele said the discount would initially run for 30 days, with public transport operators across the country receiving priority under the arrangement.

He stressed that the measure should not be interpreted as a return to the petrol subsidy regime.

According to the minister, the government would instead make petrol available through NNPC at cost during the period.

“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, government is just saying we sell to you at cost,” Oyedele said.

The announcement comes amid continued pressure from rising petrol prices and transportation costs, which have affected households, workers and businesses across the country.

Public transporters to receive priority

The Federal Government said public transport operators would be prioritised under the 30-day arrangement.

The move is expected to provide some relief to transport operators whose businesses are directly affected by changes in petrol prices and, in turn, to commuters who depend on public transportation.

The government has not yet provided all the operational details of how the priority arrangement will work or the exact discount that individual motorists and transport operators will receive.

The announcement is separate from the NNPC Retail ₦66-per-litre Independence Day promotion, which ran from October 1 to October 7 through the NNPC Fuel App.

FG insists measure is not a subsidy

Oyedele’s clarification comes against the background of renewed debate over petrol pricing and calls for the government to intervene as fuel costs continue to affect the wider economy.

The minister maintained that the latest arrangement does not restore a blanket petrol subsidy.

Instead, the government intends to use NNPC’s retail network to provide petrol at cost for the initial 30-day period.

The Federal Government is also considering other measures aimed at reducing volatility in petrol prices and limiting the effect of global crude oil prices and exchange-rate movements on domestic fuel costs.

One of the measures announced by the minister is a proposed ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol. The government says the proposal is intended to smooth price movements rather than permanently fix petrol prices.

The proposed ceiling would be reviewed periodically, with the government saying the objective is to prevent sharp swings in petrol prices caused by movements in international crude prices and foreign exchange.

Broader measures planned

The 30-day NNPC discount forms part of a wider package of measures being considered by the Federal Government to reduce pressure from fuel and transportation costs.

The government is also working on arrangements for forward crude sales to domestic refineries, which would provide refiners with greater certainty over crude supply and potentially reduce exposure to fluctuations in international crude prices.

The government has further highlighted the expansion of Compressed Natural Gas as an alternative energy source for transportation.

Oyedele said the government was seeking a combination of immediate interventions and longer-term measures to reduce the impact of energy-price volatility on Nigerians.

The Federal Government’s latest petrol intervention is therefore being presented as a temporary cost-relief measure, rather than a reversal of the fuel subsidy reforms introduced in 2023.

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Petrol prices have increased across several filling stations in the Federal Capital Territory following a fresh price adjustment by Dangote Petroleum Refinery.

The refinery raised its gantry price by ₦85, moving it from ₦1,265 to ₦1,350 per litre.

The increase represents a 6.7 per cent rise and pushes Dangote’s wholesale price above the current petrol landing cost of ₦1,311 per litre.

The latest adjustment comes amid a rise in global crude oil prices. Brent crude, Nigeria’s benchmark, was trading at about $108.21 per barrel, up from $107.92.

The development has intensified pressure on downstream operators, with some filling stations in Abuja already increasing their pump prices.

Abuja Filling Stations Increase Pump Prices

Checks by the News Agency of Nigeria on Sunday showed that several outlets had begun selling petrol at higher prices.

MRS retail outlets increased their pump price from ₦1,350 to ₦1,395 per litre.

NIPCO outlets also raised their price from ₦1,350 to ₦1,430 per litre, while Mobil outlets increased theirs to ₦1,400 per litre.

A petrol attendant at an MRS station said motorists could face another increase when newly purchased stock arrives.

“We are currently selling our old stock at N1,395 per litre, but from tomorrow, once the new stock arrives, the price will be higher,” she said.

Economists Warn of Higher Inflation

Economist and development expert Aliyu Ilias warned that the latest petrol price increase could worsen inflation and deepen economic hardship.

He said higher petrol prices would likely increase transportation and production costs, particularly for food and other essential commodities.

“This kind of change is not good for the economy at all, and people are going to face more hardship as a result,” Ilias said.

Expert Calls for Stronger Regulation

Former Secretary-General of the Organisation of African Trade Union Unity, Owei Lakemfa, called for stronger measures to protect consumers from global oil price fluctuations.

Lakemfa argued that Nigeria should strengthen economic planning and its regulatory framework to prevent sudden increases in domestic petrol prices.

He said Nigeria’s position as an oil-producing country should provide an advantage through domestic refining.

The former labour leader also warned about the structure of Nigeria’s downstream petroleum market, which he said contained elements of oligopoly and monopoly.

He urged regulatory agencies to prevent excessive influence over the pricing of petrol.

Marketers Explain Frequent Price Changes

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers had reviewed their pump prices following repeated adjustments by Dangote Refinery.

Ukadike said the frequent price changes were creating uncertainty for marketers and consumers because replacement costs could change rapidly.

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Petrol prices may soon decline to around N1,200 per litre as the Dangote Petroleum Refinery and other depot operators continue to reduce ex-depot rates following a sharp drop in global crude oil prices.

The development comes after the Dangote Refinery announced a N75 reduction in its petrol gantry price, lowering the rate from N1,250 per litre to N1,175 per litre.

According to industry data, the adjustment has prompted other depot owners to cut their prices to about N1,180 per litre, signaling a potential reduction in retail pump prices across the country.

In a circular issued to marketers, the refinery attributed the price cut to easing tensions in the Middle East, which had previously pushed energy prices higher.

“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our premium motor spirit gantry/coastal price,” the refinery stated.

The company also reduced its coastal price per metric tonne from N1,595,790 to N1,495,215, with the new rates taking effect from June 16, 2026.

Despite the reduction at the depot level, many filling stations are still selling petrol at around N1,280 per litre, as marketers seek to clear existing stocks purchased at higher prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said consumers should expect pump prices to begin adjusting within days as new supplies enter the market.

According to him, petrol could sell for between N1,200 and N1,250 per litre in Lagos, while prices in other parts of the country may remain slightly higher due to transportation and logistics costs.

“This announcement is enabling people who have old stocks to clear out their stocks and prepare to take fresh supplies. By tomorrow and Friday, people will start adjusting to the new price,” he said.

Ukadike explained that marketers cannot immediately reduce prices without incurring losses on existing inventory purchased before the latest adjustment.

The latest reduction follows a significant decline in international crude oil prices after reports of a peace agreement between the United States and Iran and the reopening of the Strait of Hormuz.

Global oil benchmark Brent crude reportedly fell from about $87 per barrel to below $80 per barrel after the agreement, easing pressure on fuel markets worldwide.

During the three-month geopolitical crisis, crude prices surged above $100 per barrel and, at some points, exceeded $120 per barrel, contributing to higher fuel prices in Nigeria.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), however, raised concerns that imported petroleum products appear cheaper than some locally refined products and called for increased competition in the downstream sector.

Meanwhile, industry observers believe further reductions may occur if crude oil prices continue their downward trend.

Some analysts have projected that petrol prices could fall below N1,000 per litre in the coming weeks if the ceasefire agreement remains effective and global oil markets remain stable.

A refinery official, however, noted that further reductions may take time because refiners are still processing crude oil purchased at previously higher prices.

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