Federal government says fuel prices will keep falling

The Nigerian Federal Government has announced that prices of petrol, diesel, and LPG will continue to decline. This statement comes amid ongoing economic adjustments in the energy sector.

The Federal Government of Nigeria (FG) has indicated that prices for petrol, diesel, and liquefied petroleum gas (LPG) are expected to keep falling. This assurance was highlighted in a recent update from government sources. While specific reasons or timelines were not detailed in the available information, the projection points to a positive trend for consumers facing fuel costs. Other headlines from the same publication mention unrelated developments, such as security operations and economic initiatives in the southeast, but the focus remains on the fuel price outlook.

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Photorealistic image of a Colombian gas station displaying a 300-peso gasoline price cut, with joyful customers celebrating the government's announcement.
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Government announces 300-peso gasoline price cut starting February 1

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Building on Minister Palma's recent confirmation of progress, the Colombian government will reduce regular gasoline by 300 pesos per gallon from February 1, 2026. Finance Minister Germán Ávila confirmed the move closes the Fuel Prices Stabilization Fund (FEPC) gap with international prices, easing consumer costs.

Motorists can expect fuel prices to increase next week amid geopolitical issues that may disrupt supply. Jetti Petroleum Inc. president Leo Bellas said gasoline prices are expected to be steady or increase by P0.10 per liter, while diesel prices are likely to go up by P0.30 to P0.50 per liter. The Department of Energy said kerosene prices are also expected to rise by P0.10 per liter.

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In the second straight week of adjustments, oil companies announced diesel price drops of P1 to P1.20 per liter this week—larger than last week's modest changes—offering more relief to motorists before Christmas. Gasoline is set to fall by P0.60 to P0.80 per liter, and kerosene by about P1.75 per liter, driven by robust supply and weak demand.

The Ethiopian government has announced it will significantly reduce and fully eliminate fuel subsidies imposed over the past four years by the end of February 2026. This move forms part of economic reform commitments made with international financial institutions. A new price adjustment took effect at the start of the current Tahsas month, raising diesel prices by 11 percent and benzene by 5 percent.

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Motorists in the Philippines face another fuel price hike this week, with diesel rising by P1.40 per liter effective Tuesday, January 27. This continues a five-week upward trend for diesel. Gasoline and kerosene prices will also increase modestly.

The Nigerian Ministry of Petroleum has announced plans to fully automate its operations, introducing a paperless interface to streamline processes.

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The Federal Government of Nigeria has stated that recent alterations to the newly passed tax laws will not significantly impact them. Taiwo Oyedele, Chairman of the Presidential Tax Reform Committee, emphasized that these changes are minor.

 

 

 

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