The Federal Government has approved a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited (NNPCL), with public transporters nationwide to be given priority.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced the arrangement on Thursday at a press briefing on fuel prices and subsidy questions in Abuja.
The minister insisted that the measure should not be mistaken for a return of the subsidy regime. “So, it’s not a subsidy. Government is just saying we sell to you at cost,” he stated.
According to him, the arrangement is a pricing intervention under which the government will sell petrol at cost, without passing on additional margins.
