Tinubu Administration Caps Petrol Prices at N1,350
On Thursday, the Presidency, led by Bola Tinubu, announced that there would be no return to the fuel subsidy system abandoned over three years ago. Presidential spokesperson Bayo Onanuga stated that the Nigerian National Petroleum Company Limited (NNPCL) will forgo its petrol retail profit margin, selling petrol at cost to assist vulnerable households amid global oil price volatility.
This new pricing arrangement will begin within 30 days, with petrol sold at N1,300 per litre to commercial transport operators. The Federal Government is also negotiating a ceiling of N1,350 per litre on petrol prices to stabilize costs, with refiners and importers absorbing any shortfalls when prices exceed this ceiling.
Onanuga clarified that this approach is not a subsidy or price control but aims to smooth price fluctuations. Additionally, the government plans to address transportation costs by regulating road taxes and levies, ensuring that the benefits of market reforms reach more Nigerians.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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