The Nigeria National Petroleum Corporation (NNPC) headquarters showcasing its logo on the building exterior.
Nigeria is considering introducing a petrol price cap of approximately $1.02 per liter as rising international oil prices intensify pressure on consumers. The country’s finance minister, Taiwo Oyedele, said that refiners and fuel importers could be required to absorb temporary cost increases and recover their losses when prices decline. Beyond this, the government is planning a 30-day fuel discount program, offering petrol at cost and prioritizing public transportation to reduce the impact of higher pump prices. Additionally, officials are exploring forward crude oil sales to domestic refiners to lock in feedstock prices and limit exposure to global market volatility. Oyedele added that energy companies found to be profiteering at consumers’ expense could face a windfall tax, with proceeds funding transport subsidies and fuel vouchers for low-income urban workers.