The Federal Government has announced plans to offer discount on fuel purchased from NNPC retail stations for the next 30 days in a bid to alleviate the suffering by Nigerians.
The initiative was announced by Finance minister Taiwo Oyedele on Thursday during a press conference in Abuja.
“Measures, important as they are, do not fully relieve the pressure households feel today. So the government is taking further steps. Number one, imagine discount at NNPC stations.
“We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days in the first instance, with priority for public transporters nationwide. So it’s not a subsidy, government is just saying we sell to you at cost. Number two, forward sales of crude to domestic refineries.
“As production rises and previously committed crude is freed up, these will shield pump prices from volatility in the global markets. So the idea we have is an idea that is sustainable. You can sell your crude forward.
“We say to the refiners for the next six months, we are selling you crude at $80 per barrel, for example. That preserves your budgets, provides certainty to the refiners and price stability to the consumer.” He said.
Checks by Arbiterz reveals PMS currently retails at around N1,400 at NNPC outlets nationwide.
