NNPC Waives Petrol Profit Margin to Aid Nigerians

The Nigerian National Petroleum Company Limited (NNPCL) has decided to waive its retail profit margin on petrol for the next 30 days as part of the Federal Government's measures to mitigate the effects of increasing global crude oil and petrol prices. NNPC Retail will sell petrol at cost, which is expected to benefit vulnerable households and commercial transport operators.

This initiative is backed by President Bola Tinubu and was announced by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, following a briefing by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. NNPC Retail currently sells petrol at the lowest market price and will now sell it at the landing cost, for example, N1,300 per litre without adding a profit margin.

The government is also negotiating a ceiling of N1,350 per litre on petrol costs to stabilize prices and prevent sharp increases. Oyedele clarified that this measure is not a return to the petrol subsidy regime, which was removed on May 29, 2023.