In a move aimed at curbing the increasing volatility of pump prices, the Federal Government is reportedly negotiating a ₦1,350 per litre ceiling on the ex-gantry or landing cost of petrol. This development comes in response to the current global oil shock, which has led to a surge in the prices of crude oil and refined petroleum products. The Minister, whose identity was not disclosed in the Premium Times Nigeria report, made this known on Saturday, October 9. While the government’s decision to negotiate a price ceiling could help stabilize prices, it remains to be seen how it will impact consumers and businesses alike. The Minister did not specify when the negotiations will be concluded. According to Premium Times Nigeria, the post ‘FG to negotiate ₦1,350 petrol price ceiling as global oil shock drives pump prices’ first appeared on their platform on October 9, 2026.
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