FG Orders NNPC to Sell Petrol at N1,350 for 30 Days

Post created on 10:48 am

The Federal Government has announced a temporary discount on Premium Motor Spirit (PMS) dispensed at Nigerian National Petroleum Company (NNPC) Limited retail outlets nationwide, capping the price at N1,350 per litre for the next 30 days.

Addressing newsmen in Abuja, the Minister of Finance and coordinating minster of the economy, Taiwo Oyedele, stated that the retail price at designated NNPC filling stations will undergo monthly reviews. Oyedele also warned that any political proposal to reintroduce the former fuel subsidy regime could push petrol prices up to N2,000 per litre due to market distortions.

In a separate statement, the Presidency explained that NNPC Limited agreed to forgo its retail profit margins and sell petrol at cost price to shield vulnerable Nigerian households from global crude oil price shocks and international market volatility.

The Presidency added that President Bola Tinubu explicitly approved the operational intervention to provide immediate relief to citizens while broader economic stabilization policies take effect.