OIL &GAS
The Nigerian National Petroleum Company (NNPC) agreed today to forgo its petrol retail profit margin and sell to Nigerians at 1300 Naira per litre.
This is to cushion the impact of global crude oil price shocks and volatility on vulnerable households.
Bayo Onanuga, Special Adviser to the President(Information & Strategy) , confirmed Thursday that NNPCL Retail, which already sells petrol at the lowest price in the market, will offer this new deal within the next 30 days.
This means if NNPC’s landing cost is N1300, it will sell fuel to Nigerians, especially commercial vehicles, at the same price.
The company’s discount gesture, backed by President Bola Ahmed Tinubu, was among the raft of measures the Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, announced today.
Oyedele said he hoped other marketers would take a cue from the NNPC, as the sharp rise in crude and petrol prices is not expected to last long.
Oyedele was emphatic that NNPC agreeing to sell at a discount must not be misinterpreted as the restoration of petrol subsidy, which ended on May 29, 2023.
