The Federal Government has announced a 30-day temporary discount on petrol sold across Nigerian National Petroleum Company (NNPC) Limited retail outlets, targeting immediate relief for public transport operators nationwide.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the policy intervention on Thursday, October 8, 2026, during a press briefing in Abuja addressing fuel pricing mechanisms.

Addressing concerns regarding fiscal sustainability, Oyedele clarified that the 30-day margin discount does not signal a return to blanket government subsidies.

"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," Oyedele explained.

As part of broader stabilization measures, the Federal Government is negotiating a price ceiling of ₦1,350 per litre on the landing cost (ex-gantry) of petrol to buffer consumers against sharp international crude and foreign exchange fluctuations.

Under the proposed arrangement, refiners and importers will absorb excess costs during peak spikes and recover margins when market conditions normalize, with monthly benchmark figures published for transparency

Oyedele also revealed that tax and duty waivers granted on petrol imports for the year up to September 30, 2026, exceeded ₦3.3 trillion.

To further ease economic pressures, the administration plans to expand direct cash transfers to vulnerable households, offer subsidized credit to small businesses, and accelerate the nationwide rollout of Compressed Natural Gas (CNG) conversion kits.

"To be perfectly clear, none of these measures restores a blanket subsidy," Oyedele emphasized. "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."

The discount initiative arrives as NNPC retail prices vary across geopolitical zones, currently sitting at approximately ₦1,355 per litre in Lagos and Rivers, and ₦1,370 per litre in Abuja.

By prioritizing public transporters under the 30-day NNPC discount window, the government aims to suppress secondary inflation across intra-state transit and food distribution networks.

ID