The Federal Government has announced a 30-day petrol discount at NNPC filling stations. Public transporters will get priority nationwide.
Finance Minister Taiwo Oyedele announced the plan on Thursday, October 8, 2026. He spoke at a press briefing in Abuja on fuel prices and the subsidy question. Information Minister Mohammed Idris and Minister of State for Petroleum Resources Heineken Lokpobiri were among the officials present.
Petrol Sold at Cost, Not Subsidised
Oyedele said NNPC will sell petrol at cost during the 30 days. He insisted this is not a return of the fuel subsidy.
“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance,” he said.
Tori reported that the discount is a cut in NNPC’s margin. It currently sells petrol at ₦1,355 per litre in Lagos and Rivers and ₦1,370 in Abuja. The minister did not give the new pump price.
₦1,350 Ceiling on Landing Cost
The government is also negotiating a ₦1,350 ceiling per litre on the ex-gantry, or landing, cost of petrol. Officials will review it every month.
The ceiling is not the pump price. It aims to stop swings in global crude prices or the exchange rate from pushing local prices up at once.
Tori reported that refiners and importers would carry any loss above the ceiling. They would recover it later when crude prices or the exchange rate improve. The government will publish the monthly figures.
Crude Sales to Local Refiners
Oyedele also announced a plan for forward sales of crude oil to domestic refiners. The period and price are yet to be decided.
He said this would give refiners certainty and keep prices stable for consumers. According to him, pump prices do not have to follow every swing in global crude prices or the exchange rate.
Release of Refined Products if Needed
The government will release refined products into the market under published rules. It will do so if hoarding or global supply disruptions threaten supply and price stability.
Oyedele added that officials will work to remove unnecessary regulatory charges. He also said the government has already waived taxes and duties on petrol worth over ₦3.3 trillion for the year to September 30, 2026.
Why the Government Acted
Oyedele said earlier measures had not fully eased the pressure on households and businesses. Petrol prices currently average about ₦1,400 per litre. Labour unions, including the NLC, have pushed for relief over high transport and living costs.
