FG Proposes Fixed Petrol Price Nationwide (Details)

The Federal Government has proposed a fixed petrol gantry price of ₦1,375 per litre, according to an announcement by the Minister of Finance, Taiwo Oyedele, on Thursday.

The proposed price comes ahead of the January 16, 2027, presidential election, amid ongoing concerns over petrol prices and the cost of living in Nigeria.

Gantry prices refer to the prices at which petroleum products are sold by depots to marketers before transportation costs, distribution expenses and retail margins are added.

Consequently, a fixed gantry price could influence the amount marketers pay to purchase petrol, although the final pump price may vary depending on other costs.

The proposal is expected to draw attention from petroleum marketers, transport operators and consumers, particularly as fuel prices remain a major factor in transportation costs, food prices and household spending.

However, further details are needed to establish whether the proposed ₦1,375 per litre price would apply nationwide, how it would be implemented and whether it would be binding on all suppliers.

Meanwhile, the Nigerian National Petroleum Company Limited, NNPCL, has increased its premium motor spirit, PMS, pump price following the announcement of a discounted fuel price.

Checks by DAILY POST on Friday showed that NNPCL increased its petrol price to N1,405 per litre from N1,370 per litre.

Several fuel pump attendants, who spoke to DAILY POST on condition of anonymity, said the latest price increase was announced on Thursday but implemented on Friday.

This means that NNPCL’s petrol price increased by N35 per litre, although the state-owned oil company has not explained the reason for the adjustment.

The latest development means that petrol prices at the company’s filling stations have risen again despite the controversy surrounding the announced fuel discount.