NNPC to Sell Petrol at N1,350 for 30 Days Amid Price Surge
The Nigerian National Petroleum Company (NNPC) Limited will sell petrol at a capped price of N1,350 per litre for 30 days, foregoing its retail profit margin to mitigate the effects of rising global crude oil prices on Nigerian households. This initiative, supported by President Bola Tinubu, was announced by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy.
Under this arrangement, if the landing cost is ₦1,300 per litre, NNPC will sell at that price without profit. The government aims to ease the burden on vulnerable households and commercial transport operators.
Oyedele noted that this measure should not be interpreted as a return to petrol subsidy, which was removed on May 29, 2023. The government is also considering a ceiling on petrol’s ex-gantry cost and plans to enforce tax reforms to reduce transport costs.
Additionally, there are plans to increase funding for cash transfers to vulnerable households and promote the use of compressed natural gas (CNG) vehicles.
Plus234Feed summary based on reporting from The Authority. Read the original report below.
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