Full List 10 measures by FG to cushion impact of rising petrol prices
- Finance Minister Taiwo Oyedele outlined 10 steps the Federal Government plans to take to ease the burden of higher fuel costs on Nigerians
- The measures include a 30-day petrol discount at NNPC stations, a price ceiling on landing costs, and an excess profit tax on energy operators
- The government said none of the 10 measures amounts to a return to blanket fuel subsidy
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The Federal Government has announced 10 relief measures aimed at softening the blow of rising petrol prices on households, businesses, and transport users across Nigeria.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, presented the measures on Thursday, October 8, 2026, at a press briefing in Abuja focused on fuel prices and the future of fuel subsidy.
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FG's 10 measures at a glance
The first measure is a 30-day margin discount on petrol sold at Nigerian National Petroleum Company Limited stations, with public transporters given priority. Oyedele was clear that this was not a return to subsidy, saying the arrangement would allow petrol to be sold at cost, not below it.
Second, the government said it would increase forward sales of crude oil to local refineries as domestic production grows, with the goal of reducing exposure to international price swings.
Third, the government is working towards a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol. "Where costs rise above the ceiling, refiners and importers will carry the shortfall and recover it later, when crude prices or the exchange rate allow, without breaching the ceiling," Oyedele said, adding that the cap would be reviewed monthly and the figures published for transparency.
Fourth, the government plans to work with states to eliminate illegal road levies and taxes that push up the cost of moving goods, using the 2025 tax reform laws as the legal framework.
Fifth, cash transfers to vulnerable households will be scaled up, and subsidised credit will be made available to small businesses and consumers.
Sixth, the government said it would speed up the rollout of compressed natural gas vehicles, encouraging transport operators to pass on savings to passengers.
Seventh, the government is considering an excess profit tax on any operator found exploiting the situation across the energy value chain. "The proceeds will be used exclusively to cushion the impact of fuel prices, through transport support or vouchers for urban minimum wage earners who are the most vulnerable," Oyedele said. The government also plans to work with the National Assembly on enhanced tax relief for low-income earners under the 2027 Finance Bill.
Eighth, unnecessary regulatory costs that ultimately raise prices for consumers will be cut. Ninth, the government plans to set up a National Strategic Fuel Reserve to guard against supply disruptions and market manipulation. Tenth, the government said it would improve traffic management in cities to reduce fuel consumption and cut logistics costs, and would use NIPOST address codes to make deliveries more efficient.
Government rejects return to blanket subsidy
Oyedele said the package was designed to support those most in need without repeating the mistakes of the past. "To be perfectly clear, none of these measures restores a blanket subsidy. To do so would amount to creating longer-term harm for a short-term cure," he said.
FG crashes petrol prices at NNPC filling stations
Legit.ng earlier reported that the Federal Government has announced a 30-day discount on petrol sold through the Nigerian National Petroleum Company Limited (NNPCL), with public transport operators to receive priority access under the arrangement.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, announced on Thursday, October 8, 2026, at a press briefing in Abuja focused on fuel prices and subsidy-related matters.
Source: Legit.ng
