Government Announces 30-Day Petrol Price Relief Amid Atiku Pressure

The Nigerian government has officially announced a significant 30-day price relief measure for its petrol products. This initiative is part of a broader strategy to address rising global oil prices and restore the previously subsidized price structure. The Finance Minister and coordinating minister of the economy, Taiwo Oyedele, has stated that this relief is intended to help retailers like NNPC retain their retail profit margins while ensuring consumers pay only the cost of goods.

The announcement was made on October 8, 2026, specifically targeting the Nigerian government's administration. This temporary relief is expected to reduce the exposure of domestic petrol prices to fluctuations in international markets. The government is also negotiating an additional N1,350 per litre ceiling on the landing cost of petrol.

The CNG, according to the government, is projected to be 60 to 70 per cent cheaper than petrol, with transporters expected to pass these savings to passengers through lower fares. The measure is designed to help NNPC Retail sell its products at their landing cost for 30 days.