‘What cutting fuel price really means’ – Presidency explains
The Presidency has clarified the Federal Government’s plan to reduce the burden of rising petrol prices on Nigerians. According to the government, the Nigerian National Petroleum Company (NNPC) will suspend its retail profit margin and sell petrol at cost for the next 30 days, targeting vulnerable households and commercial transport operators. The clarification was contained […] ‘What cutting…
The Nigerian government has clarified its plan to reduce the burden of rising petrol prices on Nigerians by announcing that the NNPC will suspend its retail profit margin and sell petrol at cost for the next 30 days. This measure, announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, aims to provide relief to vulnerable households and commercial transport operators, who are being disproportionately affected by the recent hike in global crude oil and petrol prices.
The government hopes that other marketers will follow suit in response to the rising international crude prices, and that this temporary measure will help ease the burden on Nigerians without compromising fuel market reforms.
Brief written by urgent.news from Daily Post Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
