The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has announced a comprehensive intervention package aimed at easing energy costs and relieving economic pressure on Nigerians following recent petrol price adjustments.
?Under the new measures, the Federal Government will implement an immediate margin discount on petrol at all NNPC stations for the next 30 days, prioritizing commercial transport operators to help drive down public transit fares.
To protect domestic consumers from global oil market volatility, the government is initiating forward sales of crude to local refineries as national production rises and uncommitted crude becomes available.
?A negotiated ex-gantry price modulation ceiling has been set at ?1,350 per liter, subject to monthly reviews. Additionally, the Federal Government is partnering with state authorities under the 2025 tax laws to eliminate illegal road taxes and informal levies that artificially inflate transport fares across supply routes.
?To cushion the impact on vulnerable populations, the administration is expanding funding for direct cash transfers to low-income households and increasing subsidized credit facilities for micro and small enterprises.
The deployment of Compressed Natural Gas (CNG) infrastructure is also being accelerated nationwide, with transport unions expected to translate lower fuel costs into reduced passenger fares.
?The government is actively considering an excess profit tax targeting energy operators who engage in predatory pricing, with all generated revenue earmarked specifically for public transport subsidies and mobility vouchers for low earners.
Broader regulatory reforms will streamline red tape to decrease compliance overheads embedded in retail prices.
?To prevent artificial scarcity, the National Strategic Fuel Reserve will release products under transparent, published guidelines whenever supply chain disruptions or hoarding occur.
Furthermore, municipal logistics are being optimized through improved urban traffic management and the integration of NIPOST digital address codes to minimize fuel wastage across delivery networks.
