Nigerian Government Targets N1,350 Fuel Price at NNPC Stations

The federal government announced a 30-day plan to reduce fuel prices at filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL), targeting a price of N1,350 per litre. This initiative, aimed at providing temporary relief to households and transport operators facing high energy costs, involves NNPC Retail forgoing its petrol profit margin to sell at cost.

The plan is backed by President Bola Ahmed Tinubu and is expected to begin within the next 30 days. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the arrangement would prioritize commercial vehicles and ensure that the selling price reflects the landing cost.

The Minister of Information and National Orientation, Alhaji Mohammed Idris, emphasized that this initiative is part of broader reforms undertaken by the Tinubu administration to stabilize the economy and improve living standards for Nigerians.