By Bello Wakili
The Federal Government has announced additional measures to cushion the impact of rising petrol prices on Nigerians, with the Nigerian National Petroleum Company Limited-NNPCL agreeing to forgo its retail profit margin and sell petrol at cost for thirty days.
The initiative, backed by President Bola Ahmed Tinubu, is aimed at reducing the burden of rising transportation and living costs, particularly on vulnerable households and commercial transport operators.
Announcing the measures, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government was also negotiating a ceiling of one thousand three hundred and fifty naira per litre on petrol landing costs to moderate price fluctuations.
He explained that the arrangement would be reviewed monthly and was not a return to fuel subsidy or direct price control.
According to him, the government is also expanding the rollout of Compressed Natural Gas, CNG, which is significantly cheaper than petrol, to encourage lower transport fares.
“Other measures include increased funding for cash transfers to vulnerable households, subsidised credit for small businesses, and efforts to eliminate illegal road taxes and levies that increase transportation and logistics costs.
“The government is also considering an excess profit tax on operators who exploit consumers through excessive pricing, with proceeds dedicated to supporting affected households and low-income urban workers”, the Minister pointed.
Taiwo Oyedele said the Presidency acknowledged the hardship Nigerians are facing due to high fuel prices but maintained that restoring a blanket fuel subsidy would create further economic challenges.
He pointed out that the measures were designed to ensure that the benefits of ongoing economic reforms reach more citizens, while the government works towards reducing inflation and strengthening long-term energy security.
Editing by BASIRAT MEMUDU
