NNPC's 30-Day Fuel Discount Explained by Presidency
The Presidency has addressed claims by Atiku Abubakar, the African Democratic Congress presidential candidate, regarding the Nigerian National Petroleum Company Limited's (NNPCL) retail discount, stating it does not signify a return to fuel subsidy. The discount, offered to celebrate Nigeria's 66th Independence anniversary, has been extended for another 30 days.
Sunday Dare, the Special Adviser to the President on Media and Public Communications, explained that NNPCL's decision to sell fuel at landing cost during a global crude price spike is a strategic move to absorb short-term volatility, supported by President Bola Ahmed Tinubu. The interim ceiling of N1,350 per litre on ex-gantry costs is described as a structural shock absorber rather than price control.
Dare criticized Abubakar's proposed production subsidy on petrol as economically unfeasible, emphasizing that Nigeria's crude production does not allow for such subsidies without risking financial instability and fraud.
Plus234Feed summary based on reporting from Naijanews. Read the original report below.
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