Fuel crisis: Tinubu backs NNPC relief, FG targets N1,350 petrol cost ceiling

President Bola Tinubu has backed a decision by the Nigerian National Petroleum Company Limited (NNPCL) to forgo its petrol retail profit margin and sell the product at cost for 30 days, as the Federal Government moves to shield Nigerians from the impact of rising global crude oil and petrol prices.
The intervention, announced by the Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, on Wednesday, is part of a broader package of measures aimed at cushioning households and businesses from the latest fuel price shock without returning to the petrol subsidy regime abolished in May 2023.
Under the arrangement, NNPC Retail will sell petrol at its actual landing cost, ...