The Federal Government says it is engaging petroleum marketers and industry regulators to ensure that pump prices of Premium Motor Spirit (PMS) and other petroleum products fairly reflect prevailing market conditions while protecting consumers from unfair pricing practices.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this while briefing journalists after Monday's Federal Executive Council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Taiwo Oyedele said consultations are ongoing with marketers and regulatory agencies to promote a transparent pricing regime that balances consumer protection with the commercial sustainability of operators.
"We are working to strike a balance between ensuring operators remain commercially viable and protecting Nigerians from unfair pricing," he said.
According to the minister, marketers have historically adjusted pump prices quickly whenever global crude oil prices increase but often delay downward adjustments when international prices fall, citing inventories purchased at higher costs.
He said the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are already addressing the issue within the framework of the Petroleum Industry Act (PIA).
Taiwo Oyedele added that the Federal Government's decision to suspend Value Added Tax (VAT), excise duties, and other surcharges on petroleum products has helped cushion the impact of global energy price increases on Nigerians.
He also urged transport operators benefiting from the Presidential Compressed Natural Gas (CNG) Initiative to pass the resulting cost savings on to commuters.
Beyond fuel pricing, the Federal Executive Council approved a series of measures covering youth development, healthcare, infrastructure, aviation, and maritime transport.
The Council approved reforms to the National Youth Service Corps (NYSC), with the Minister of Youth Development, Ayodele Olawande, announcing that the scheme will become civilian-led while retaining its mandatory one-year service period.
The reforms also introduce flexible, skills-based professional training programmes aimed at improving corps members' employability and promoting self-employment, while the military will continue providing security for corps members nationwide.
Special Adviser to the President on Policy Coordination, Hadiza Bala-Usman, clarified that only the operational leadership of the NYSC would become civilian-led, while security responsibilities would remain with the military. The Attorney-General of the Federation was directed to work with the Ministry of Youth Development to amend the NYSC Act to provide legal backing for the reforms.
In the health sector, the Council approved interventions valued at about ₦73.9 billion, including the establishment of a National Snakebite Treatment and Research Centre.
The Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, said the centre would provide specialised treatment, conduct research, ensure sustainable access to quality antivenom, and collaborate with international institutions.
Pate disclosed that Nigeria records about 43,000 snakebite cases annually, particularly across the North-East, North-West, and North-Central regions.
The Council also approved ₦6.9 billion for 10 compressed natural gas-powered mobile blood donation clinics, ₦62 billion for tuberculosis commodities, and about ₦5 billion for reproductive health and family planning commodities.
In the infrastructure sector, the Federal Executive Council approved ₦2.078 trillion for 23 road projects across Adamawa, Taraba, Ebonyi, Kwara, Cross River, Kogi, Lagos, Niger, Oyo, and Plateau states.
Minister of Works Dave Umahi said the approvals cover the reconstruction and rehabilitation of major road corridors to improve connectivity and stimulate economic activity.
The Council also approved the reconstruction of about 400.9 kilometres of federal roads under a ₦1.8325 trillion tax credit arrangement with the Dangote Group, ratified additional funding for projects in Yobe and Adamawa states, and approved procurement for the reconstruction of deteriorating sections of the Lagos-Ibadan Expressway using concrete pavement technology.
Umahi further disclosed that the first 118-kilometre section of the Abuja-Kaduna-Kano highway has been completed, while the remaining section is expected to be delivered in November.
The Council also approved ₦34.398 billion for the construction of an airstrip in Gboko, Benue State.
Minister of Aviation and Aerospace Development Festus Keyamo said the project is expected to support agriculture, security operations, humanitarian services, and emergency medical response.
In the maritime sector, the Federal Executive Council approved projects worth about ₦286 billion to strengthen navigational safety and port operations.
Speaking on behalf of the Minister of Marine and Blue Economy, Environment Minister Balarabe Lawal said the approvals include two pollution-control vessels, six pilot cutter boats, two firefighting boats, and the dredging of the Escravos Channel under a public-private partnership aimed at improving port efficiency, maritime safety, and environmental protection.