The Federal Government is turning to public transport operators in a fresh attempt to ease the pressure of rising fuel costs, announcing a 30-day petrol discount at NNPC filling stations while negotiating a ₦1,350-per-litre landing-cost ceiling.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the measures in Abuja on Thursday, saying public transporters would receive priority under the temporary discount scheme.
The intervention comes as rising petrol and transportation costs continue to squeeze household budgets and increase pressure on businesses.
Oyedele said the government was negotiating a ceiling of ₦1,350 per litre on petrol’s ex-gantry or landing cost, with the arrangement subject to monthly reviews.
The proposed ceiling is designed to shield petrol prices from sudden changes in international crude oil prices and foreign exchange rates.
However, the ₦1,350 figure is not a proposed pump price. The government has not announced how much motorists and commuters could save under the discount scheme.
“There’ll be a discount on NNPC petrol for the next 30 days, with priority for public transporters,” Oyedele said.
He added that the government would pursue a negotiated landing cost that would be reviewed monthly.
The minister acknowledged that existing measures had not sufficiently addressed the economic strain on households and businesses, prompting the government to consider additional relief.
But the immediate impact of the intervention will depend on the size of the discount, how it is implemented and whether transport operators pass the savings on to commuters through lower fares.
The government has yet to provide details of the discount rate or explain how beneficiaries will be identified during the 30-day period.