According To Punch Newspapers On Wednesday 11 March, 2026, The Federal Government has ruled out any immediate plan to intervene in the pricing of petrol despite growing geopolitical tensions in the Middle East that have triggered volatility in global oil markets.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the government would maintain its commitment to a market-based pricing system for petroleum products, stressing that any form of price control would only be considered under extreme circumstances. Edun made the position known during an interview aired on the Wednesday edition of Politics Today on Channels Television, where he explained that the government was focused on finding alternative ways to ease the economic burden on Nigerians without reversing the fuel subsidy removal policy.
According to him, the current policy direction is designed to ensure long term economic stability and encourage efficiency within the petroleum sector. He noted that returning to price controls or subsidy regimes could undermine reforms already implemented by the administration. Rather than now reverting back and taking a backward step, we will look at every other measure that can help the cost of living of Nigerians without resorting to non market pricing, Edun said.
Global oil prices have shown signs of instability in recent weeks due to escalating tensions in the Middle East, raising concerns that higher crude prices could translate to increased petrol costs in Nigeria and other import dependent countries. Despite these concerns, the government maintains that allowing market forces to determine prices will ultimately strengthen the economy and attract investment into the energy sector.
Edun emphasized that the government is exploring other targeted economic measures to cushion the impact of rising living costs on citizens. These include fiscal policies, social support programmes, and economic reforms aimed at stabilizing the economy. He reiterated that the government remains mindful of the hardship faced by Nigerians but believes that maintaining a market driven pricing system for petrol is essential for sustainable economic management and long term growth.