NNPC to Sell Fuel at Discount Amid Inflation Measures
The Nigerian Presidency, represented by Onanuga, announced government measures to address inflation and support citizens during a global fuel crisis. The price of fuel has surged due to the blockade on the Strait of Hormuz amid the US-Iran war.
Minister of Finance, Taiwo Oyedele, revealed that the Nigerian National Petroleum Company (NNPC) will sell fuel at a discounted rate for 30 days, clarifying that this is not a reintroduction of the subsidy that ended on May 29, 2023. NNPC will forgo its retail profit margin, selling petrol at cost, which could be around N1300, particularly benefiting commercial vehicles.
Oyedele expressed hope that other marketers would follow suit, noting that the rise in crude and petrol prices is expected to be temporary. Onanuga also stated that the Federal Government is developing a comprehensive package of fiscal measures aimed at sustainably reducing inflation to single digits in the near term.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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