The Federal Government has announced a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited (NNPCL).
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Thursday while addressing reporters on measures being taken to reduce the impact of rising petrol prices.
Oyedele said the discount would apply to petrol dispensed by NNPCL for an initial period of 30 days, with priority given to public transport operators across the country.
He stressed that the measure was not a subsidy, saying the government would sell the product at cost during the period.
The minister also announced plans to negotiate a ceiling of N1,350 per litre on the ex-gantry cost of petrol to reduce fluctuations in pump prices.
According to him, the proposed ceiling is intended to shield consumers from sharp changes caused by movements in global crude oil prices and exchange rates.
He said the government would review the ceiling monthly and make adjustments when necessary.
Oyedele added that the government was also working on forward crude sales to domestic refiners and other measures aimed at stabilising petrol prices.
