‘What cutting fuel price really means’ – Presidency explains

The Presidency has clarified the Federal Government’s program to trim the load of rising petrol prices connected Nigerians.

According to the government, the Nigerian National Petroleum Company (NNPC) volition suspend its retail nett borderline and merchantability petrol astatine outgo for the adjacent 30 days, targeting susceptible households and commercialized transport operators.

The clarification was contained successful a connection connected Thursday by the Special Adviser to the President connected Information and Strategy, Bayo Onanuga.

The Presidency said the caller statement was announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, connected Thursday, arsenic portion of caller measures to cushion the effect of the caller hike successful planetary crude lipid and petrol prices.

Under the plan, NNPC Retail volition merchantability petrol without its accustomed nett borderline during the 30-day period. This means if the landing outgo is N1,300 per litre, the institution volition merchantability astatine N1,300 without adding immoderate margin.

The measure, which has the backing of President Bola Tinubu, is expected to prioritise nationalist transport operators and connection immoderate alleviation to households struggling with precocious transport and surviving costs.

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