The Nigerian Federal Government has unveiled a temporary price reduction for premium motor spirit (PMS) dispensed through retail outlets of the Nigerian National Petroleum Company Limited (NNPC).
The month-long relief initiative gives commercial transport providers first preference in purchasing the discounted fuel.
The policy was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during an official address in Abuja concerning petroleum pricing and energy sector dynamics.
Government officials clarified that the lower rate does not signal a return to blanket state fuel subsidies. Instead, the state-owned oil firm will sell its existing fuel inventories strictly at cost price to help moderate transportation expenses across the country.
In tandem with the temporary discount, authority representatives noted efforts to cap the baseline landing costs of refined petroleum products through monthly price stabilization measures, aimed at shielding local consumers from extreme swings in global crude oil markets and foreign exchange rates.
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