FG Proposes ₦1,350 Petrol Cost Ceiling to Curb Pump Price Volatility

The Federal Government is negotiating a ₦1,350-per-litre ceiling for the ex-gantry or landing cost of petrol. The proposal is intended to reduce sharp changes in pump prices and ease fuel and transport costs for households and businesses. The ceiling would apply to petrol supplied by local refineries or imported into Nigeria, not directly to filling-station pump prices. It would be reviewed and published monthly. Refiners and importers may initially absorb costs above the benchmark and recover them when market conditions improve. Other proposed measures include a 30-day margin discount on petrol sold by NNPC for public transport operators, expanded cash transfers for vulnerable households, credit support for small businesses and faster rollout of compressed natural gas vehicles. The government also plans to address illegal road levies, improve supply through crude sales to domestic refiners and create a strategic fuel reserve.

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