The Federal Government (FG) has announced a 30-day petrol price relief arrangement at Nigerian National Petroleum Company Limited (NNPC) filling stations, with commercial transport operators expected to receive priority under the initiative.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the development on Thursday, October 8, 2026, during a press briefing in Abuja.
According to the minister, the temporary arrangement will allow NNPC to sell petrol at cost price for 30 days as part of efforts to ease the financial burden of rising fuel and transportation costs on Nigerians.
Oyedele clarified that the initiative should not be regarded as a return to the former fuel subsidy regime, explaining that the arrangement is based on selling petrol at cost rather than having the government pay to artificially reduce pump prices.
The government hopes that prioritising commercial transport operators will help reduce their operating expenses and encourage a corresponding reduction in transport fares, providing some relief to commuters.
Beyond the short-term measure, the Federal Government is also considering a longer-term strategy to stabilise domestic fuel prices through more predictable crude oil supply arrangements for local refineries.
Oyedele said crude oil could be supplied to domestic refiners at approximately $80 per barrel over the next six months, a proposal the government believes could help shield the local market from sudden fluctuations in international oil prices.
The 30-day arrangement is expected to serve as an immediate intervention, while the proposed crude oil pricing framework could provide a longer-term approach to managing fuel costs and their impact on Nigerians.
