The [Federal Government](https://www.nigeria.gov.ng/) has pledged to bring inflation down to single‑digit levels and, together with the [Nigerian National Petroleum Company (NNPC)](https://www.nnpcgroup.com/), will sell petrol at cost for a 30‑day period, a step endorsed by President Bola Ahmed Tinubu and disclosed by presidential spokesman Bayo Onanuga.
**What new measures are being introduced?**
Onanuga revealed that the government is rolling out a suite of fiscal actions aimed at cushioning households from volatile global crude prices. The finance team, led by Finance Minister Taiwo Oyedele, announced that NNPC retail stations will dispense fuel at the same price the company incurs – currently N1,300 per litre – for the next month.
**How will the NNPC pricing scheme operate?**
According to the statement, NNPC will forgo its usual retail profit margin, effectively selling petrol at cost to commercial vehicle operators and other consumers. The discount is expected to be reflected across all NNPC filling stations within the 30‑day window.
**Is this a reinstatement of the fuel subsidy?**
Oyedele stressed that the arrangement should not be mistaken for a revival of the subsidy that ended on May 29, 2023. He urged private marketers to emulate NNPC’s approach, noting that the surge in crude and petrol prices is unlikely to persist for long.
**What is the broader economic goal?**
Onanuga added that the administration is also crafting a comprehensive fiscal package designed to sustainably lower inflation to single digits in the near term.
"The company’s discount gesture, backed by President Bola Ahmed Tinubu, is part of a broader set of measures announced today," Onanuga said.
The fuel price spike, driven by the blockade of the Strait of Hormuz amid the US‑Iran conflict, has pushed petrol to record highs, prompting the government’s swift response.