Nigeria announces measures to cushion petrol price volatility
The Presidency said NNPC Retail would offer a new arrangement to forgo its petrol margin and sell at cost within the next 30 days, alongside additional measures.
Event / data period: 2026-10-08
Published: · Updated:
Nigeria’s State House said on October 9 that the Nigerian National Petroleum Company Limited (NNPCL) had agreed to forgo its petrol retail profit margin and sell fuel at cost. The statement said NNPC Retail would offer the new arrangement within the next 30 days. It said the measure was intended to cushion households from global crude-price shocks. The page is dated October 9, although its text calls the announcement “today” and carries an October 8 signature date, so the source contains both dates.
Finance Minister Taiwo Oyedele also announced forward crude sales to domestic refineries and negotiations on a ceiling of 1,350 naira per litre for petrol’s ex-gantry or landing cost. That figure is a negotiated cost ceiling, not a current pump price. The statement also listed cash transfers, subsidised credit for small businesses and a strategic fuel reserve plan.
Data
Announced fuel measure
NNPC Retail margin waiver reported in the State House statement.
- · Occurred
NNPC Retail plans to offer a new at-cost arrangement
NNPC Retail is to offer the new arrangement, waiving its margin and selling fuel at cost, within the next 30 days.
Methodology
The event records the plan the statement says NNPC Retail will offer within the next 30 days; it does not report implementation or measure a pump price.
Updated:
Subjects and places
Subject proposals
- Oil and gasSuggested
- Subject suggested from the title or summary: petrolstatehouse.gov.ng ↗
Geographic references
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- Nigeria · Place role: Coverage · Place type: Country or area · Location precision: RegionalEvidence
- Explicit preserved editorial country/region; no city or national centroid inferredstatehouse.gov.ng ↗