NNPC to Sell Petrol at Cost for 30 Days Amid Price Surge

The Presidency has outlined a plan to reduce petrol prices in Nigeria, stating that the Nigerian National Petroleum Company (NNPC) will sell petrol at cost for the next 30 days. This initiative aims to support vulnerable households and commercial transport operators amid rising global crude oil prices.

The announcement was made by Bayo Onanuga, Special Adviser to the President on Information & Strategy, and was initially presented by Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy. During this period, NNPC Retail will forgo its retail profit margin, meaning petrol will be sold at its landing cost, which could be N1,300 per litre.

Oyedele clarified that this measure does not signify a return to the petrol subsidy regime removed on May 29, 2023. Additionally, the government plans to facilitate forward sales of crude oil to domestic refineries and is negotiating a proposed ceiling of N1,350 per litre on petrol costs to prevent sudden price increases.