Hardship Relief: Tinubu Administration Introduces Price Modulation and 30-Day Petrol Discount
The Tinubu administration has announced a temporary intervention package to lower petrol costs for Nigerians over the next 30 days.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made the announcement during a press briefing in Abuja on Thursday.
The move comes amid grueling economic hardships across the country, following increased public criticism over the administration’s fuel subsidy removal policy. The issue remains a central talking point for the opposition, with critics calling for the reinstatement of the subsidy to ease pressure on citizens.
To address transport inflation, President Bola Tinubu previously noted that transit costs would fall as the federal and state governments accelerate the rollout of Compressed Natural Gas (CNG) vehicles. Several states have already begun implementation.
Minister Oyedele stated that public transport operators will receive priority under the new 30-day arrangement. He explained that the Federal Government will operate with a negotiated landing cost to be reviewed monthly.
“Pump prices should not have to follow every swing in global crude or the exchange rate,” Oyedele explained. “The government is negotiating a ceiling of ₦1,350 a litre on the ex-gantry or landing cost of petrol to keep pump prices stable.”
The government admitted that previous relief measures have failed to fully shield Nigerians from rising energy and living costs.
Officials clarified that the proposed ₦1,350 ceiling does not mean petrol will retail at that exact price at every filling station.
Instead, the price modulation mechanism is designed to prevent sharp spikes in global oil markets or exchange rates from immediately driving up local retail prices.
