Petrol Price: Presidency Explains Tinubu’s Fresh Move, Says It’s Not Subsidy

According to a report by Daily Post on Friday 9 October 2026, the latest federal government initiative to mitigate the effects of increasing fuel prices on Nigerians has been unveiled by the presidency, which explains that the intervention will necessitate the temporary halt of the retail profit margin of NNPC.

In an attempt to alleviate the financial strain on households and commercial transport operators, the Nigerian National Petroleum Company Limited (NNPC) has decided to sell gasoline at cost for a period of 30 days.

President Bola Tinubu’s Special Advisor on Information and Strategy, Bayo Onanuga, clarified the arrangement in a Thursday statement.

In an effort to mitigate the impact of the recent surge in the price of crude oil on the Nigerian economy, he mentioned this initiative as one of several announced by Taiwo Oyedele, the country’s minister of finance and economic coordination.

This means that if the cost of importing one liter of petrol into the country is 1,300 rupees, NNPC Retail will sell it for 1,300 rupees, as per the arrangement, without adding its usual profit margin.

According to the Presidency, President Tinubu has endorsed the program, which will help Nigerians temporarily cope with rising transportation and living costs.

Oyedele made it clear that the decision does not mean the fuel subsidy will be reinstated; it was eliminated in May 2023 by the Tinubu administration.

To help customers weather the current market storm, the minister was hopeful that other petroleum marketers would cut their profit margins like NNPC.

The government plans to address the immediate effects of global oil price volatility without reversing its fuel market reforms, as the Presidency stressed in their explanation of the 30-day intervention.

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