President Bola Ahmed Tinubu-led Federal Government is yet to implement its proposed discounted petrol price of N1,350 per litre, two weeks after the announcement.
DAILY POST reports that the Minister of Finance, Taiwo Oyedele, announced the proposed discounted gantry price for petrol at Nigerian National Petroleum Company Limited, NNPCL, filling stations on Thursday, October 8, 2026.
Oyedele argued that Nigerians should not be subjected to the volatility of global oil prices, hence his proposal for a fixed price of N1,350 per litre.
He, however, made it clear that the proposal did not amount to a return of fuel subsidy.
The decision had elicited both praise and condemnation from Nigerians.
However, 14 days after Oyedele announced the proposed fixed price of N1,350 per litre, NNPCL retail outlets in Abuja and its environs have yet to reflect the price adjustment.
DAILY POST reports that most NNPCL filling stations in Abuja and its environs dispense petrol at N1,405 per litre.
Checks by DAILY POST at NNPCL outlets showed that since Oyedele announced the proposed discounted petrol price of N1,350 per litre, the state-owned oil company has adjusted its pump price upward by N35 per litre to N1,405 from N1,370 per litre, undermining the proposed fixed-price arrangement.
DAILY POST reports that most filling stations dispense petrol at prices ranging from N1,395 to N1,429 per litre.
Speaking with DAILY POST, the President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Abubakar Maigandi, said implementing the proposed discount to N1,350 per litre would have provided relief for motorists.
Maigandi, however, said the discounted fuel arrangement, if implemented, should be extended to other filling stations.
“It would have been good if the discounted fuel price at NNPCL, as announced by the Minister of Finance, Mr Taiwo Oyedele, had been implemented, but I don't think that has been the case. Marketers hope it is implemented and extended to us,” he told DAILY POST in an interview.
Tinubu's administration removed the fuel subsidy in May 2023. However, debate over its possible return has resurfaced ahead of the 2027 presidential election.
Atiku Abubakar, the presidential candidate of the African Democratic Congress, ADC, ha promised to reduce petrol prices if elected in January 16, 2027.
Atiku and 16 other presidential candidates are seeking to replace Tinubu, who is seeking re-election in 2027.