The Federal Government says President Bola Tinubu will not allow Nigerians to bear the full impact of rising petrol prices, as the Nigerian National Petroleum Company Limited (NNPCL) considers reducing part of its profit margin to ease the burden on consumers.
The Minister of Information and National Orientation, Mohammed Idris, disclosed this during a media briefing, saying the proposed intervention was intended to provide temporary relief amid rising global oil prices.
Idris said the President was concerned about the economic hardship facing Nigerians and would not ignore the effects of unexpected developments in the international oil market.
He explained that the NNPCL was considering foregoing part of its profit margin to cushion the impact of rising petrol prices and promote energy security and market stability.
The minister, however, clarified that the measure did not amount to a reversal of the petrol subsidy removal policy introduced by the Tinubu administration.
According to him, the current situation reflects changing global circumstances, including the conflict involving Iran and the United States, which escalated after the removal of the subsidy.
Idris noted that rising fuel prices were not peculiar to Nigeria, as several countries were also experiencing similar increases due to developments in the international petroleum market.
He added that although the NNPCL is owned by the Federal Government, it operates as a limited liability company and can review its profit margins in the interest of national energy security.
The minister maintained that the proposed intervention was temporary and aimed at cushioning the effects of rising petrol prices while helping Nigerians cope with prevailing economic realities.
