Nigeria’s federal government has not put into effect a proposed discounted petrol price of N1,350 per litre, two weeks after the plan was announced, with pump prices at Nigerian National Petroleum Company Limited stations in Abuja remaining above the suggested level.
Finance Minister Taiwo Oyedele unveiled the proposed N1,350-per-litre gantry price for petrol at NNPCL filling stations on October 8, 2026. He said Nigerians should be shielded from swings in international crude oil prices and argued for a stable retail price. Oyedele stressed, however, that the proposal should not be interpreted as a restoration of the fuel subsidy.
The announcement drew mixed reactions, with some Nigerians welcoming the prospect of cheaper fuel and others criticising the proposal. Fourteen days later, NNPCL outlets in Abuja and surrounding areas had not adjusted their prices to the proposed N1,350 level.
NNPCL stations across the capital region were largely selling petrol at N1,405 per litre. Since the finance minister’s announcement, the state-owned company has instead raised its pump price by N35 per litre, from N1,370 to N1,405, contradicting the proposed fixed-price arrangement.
Prices at other filling stations were generally between N1,395 and N1,429 per litre.
Abubakar Maigandi, president of the Independent Petroleum Marketers Association of Nigeria, said a reduction to N1,350 per litre would have eased the burden on motorists. He added that any discounted-price programme should not be limited to NNPCL outlets but should also include independent marketers.
“It would have been positive if the reduced price announced by Finance Minister Taiwo Oyedele for NNPCL had been introduced, but I do not believe that has happened,” Maigandi said. “Marketers hope it will be implemented and made available to us as well.”
President Bola Ahmed Tinubu’s administration ended Nigeria’s petrol subsidy in May 2023. The possibility of bringing back some form of price support has nevertheless returned to political debate ahead of the 2027 presidential election.
Atiku Abubakar, the African Democratic Congress presidential candidate, has pledged to lower petrol prices if he wins the January 16, 2027 election. Atiku and 16 other candidates are seeking to unseat Tinubu, who is pursuing re-election.
