The Federal Government says it is engaging oil marketers and regulators to ensure that declines in global crude oil prices are reflected more transparently in the pump price of petrol.
Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this after Monday’s Federal Executive Council (FEC) meeting, saying the government is working to balance consumer protection with the commercial viability of operators in the downstream petroleum sector.
According to him, the government has also suspended VAT, excise duty and other charges on petroleum products to help moderate domestic fuel prices, while the FCCPC and NMDPRA are addressing pricing concerns under the Petroleum Industry Act.
Oyedele further urged transport operators benefiting from the Presidential Compressed Natural Gas (CNG) initiative to pass the cost savings on to commuters. He added that the FEC approved financing packages worth about $2.96 billion, €200 million and ₦215 billion for projects spanning transportation, agriculture, power, infrastructure and MSME development.