The Presidency has confirmed that the decision by the Nigerian National Petroleum Company Limited (NNPC) Retail to offer a temporary discount on petrol has the full backing of President Bola Tinubu.
In a statement, the Presidency explained that NNPC Retail will forgo its retail profit margin and sell petrol at cost for the next 30 days.
Under the arrangement, if the company’s landing cost is N1,300 per litre, the product will be sold to consumers at the same price without any added retail margin.
The measure, announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, prioritises public transport operators and is designed to provide temporary relief to households and commercial vehicle owners facing higher transportation costs.
The Presidency stressed that the discount should not be interpreted as a return to the fuel subsidy regime abolished in May 2023. Instead, it forms part of a broader package of interventions aimed at cushioning the impact of rising global crude oil and petrol prices without reversing ongoing economic reforms.
Oyedele had earlier urged other fuel marketers to consider similar cost-based pricing, noting that the current surge in international oil prices is expected to be temporary.
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