NNPC filling stations to sell petrol at landing cost to cushion global oil price shocks — Presidency [Video]

The Federal Government has announced that the Nigerian National Petroleum Company Limited (NNPC) has agreed to forgo its petrol retail profit margin and sell the product at cost as part of broader efforts to cushion the impact of global oil price shocks on Nigerians, particularly vulnerable households.

View this post on Instagram In a statement issued on Thursday by Bayo Onanuga, spokesperson to President Bola Tinubu, the government said NNPC Retail would implement the arrangement for the next 30 days.

“This means if NNPC’s landing cost is N1,300, it will sell fuel to Nigerians, especially commercial vehicles, at the same price,” the statement said.

The Presidency said the discount, backed by President Tinubu, was among several measures earlier announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to mitigate the effects of rising international crude oil and refined petroleum product prices.

It added that NNPC Retail, which the government described as already selling petrol at the lowest price in the market, was expected to provide temporary relief to consumers through the arrangement.

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