FG Proposes N1,350/Litre Petrol Price Ceiling In New plan

The federal government has announced plans to introduce a price-modulation mechanism for petrol, with a proposed ceiling of N1,350 per litre on the ex-gantry or landing cost of the product, Punch reports.
The minister of finance and coordinating minister of the economy, Taiwo Oyedele, disclosed this on Thursday at a press briefing on petrol prices and subsidy-related issues in Abuja.
Oyedele said the arrangement was designed to keep petrol prices stable, stressing that it was neither a subsidy nor a form of price control.
“We are introducing price modulation. The government is negotiating a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol to keep the price stab...