JUST IN: FG Offers 30-Day Petrol Price Cut at NNPC Stations

‎The Federal Government has announced a 30-day reduction in the price of petrol sold at Nigerian National Petroleum Company Limited (NNPCL) stations as part of measures to bring down the cost of public transportation across the country.

‎Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday during a press conference in Abuja.

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‎Oyedele said the measure would initially prioritise public transport operators, stressing that the government was not reintroducing a fuel subsidy but would instead sell the product at cost.

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‎He explained that increased crude oil production and the release of previously committed crude would enable the government to sell crude to domestic refineries through forward contracts.

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‎According to him, the arrangement is expected to protect petrol pump prices from fluctuations in the international market and provide greater certainty for refiners and consumers.

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‎The minister added that the government plans to supply crude to local refiners at $80 per barrel over the next six months.

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‎He said the arrangement would help refineries plan their operations, stabilise prices and provide greater certainty for consumers.