Presidency Forecloses Return Of Petrol Subsidy, Backs NNPCL’s Target of N1,350 Petrol Cost Ceiling
Deji Elumoye in Abuja The Presidency on Thursday declared that the Bola Tinubu-led administration has no intention of going back to the fuel subsidy reform jettisoned over three years ago.
The Nigerian Presidency has announced that it will not revive the fuel subsidy reform that was abandoned over three years ago. Instead, the government is introducing measures to ensure that fuel subsidy benefits are extended to more Nigerians in a more tangible manner. Presidential spokesperson Bayo Onanuga revealed that the Nigerian National Petroleum Company Limited (NNPCL) will sell petrol to Nigerians at the cost price, forgoing its profit margin, to support vulnerable households amid the global petrol crisis.
The administration is also introducing forward sales of crude oil to domestic refineries, negotiating a petrol cost ceiling of N1,350 per litre, and reducing road taxes and levies to curb the impact of rising global crude oil prices and volatility on households.
Brief written by urgent.news from This Day's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
