NNPC extends N66-a-litre petrol discount through October
publishers 18articles 33first reported 8 Oct, 16:06 UTCdeveloping since 8 Oct · 11 editions
The Nigerian National Petroleum Company Limited has extended a N66-per-litre petrol discount at its retail stations nationwide through October 31, saying the offer is a customer-relief measure rather than a return to fuel subsidies.
NNPC said the discount began on October 1 to mark Nigeria’s 66th Independence Anniversary. Finance Minister Taiwo Oyedele had announced that discounted sales would continue for 30 days, with public transport operators receiving priority.
Oyedele said NNPC Retail would fund the reduction by lowering or temporarily giving up its retail profit margin, without drawing money from the federal budget or Federation Account. NNPC Retail purchases petrol from suppliers at market prices and adds a margin when setting pump prices, he said.
The Punch reported that access to the discount in Abuja required customers to download NNPC’s mobile application and pay digitally. Its checks on Friday found petrol selling for N1,405 per litre to customers paying directly at pumps, compared with N1,339 through the application.
The government is also proposing a monthly reviewed ceiling of N1,350 per litre for petrol’s ex-gantry or landing cost. Under that proposal, refiners and importers would absorb costs above the ceiling and recover the difference when crude prices or exchange rates became more favourable. Other announced measures include expanded cash transfers, subsidised credit and faster deployment of compressed natural gas vehicles.
HOW THIS STORY WAS MADE
Written from 4 articles, 4 with the publisher's own text; 2 independent newsrooms once syndicated copies count as one; this version written 30 h after the record first saw the story; the editor kept it as written.
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- Source articles
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- 4, 4 with the article's own text
- Independent newsrooms
- 2
- This version written
- 30 h after the record first saw the story
- Second model (editor)
- kept as written
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WHAT THE EDITOR DID
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