FG Says NNPCL Will Cut Profit Margin to Cushion Rising Petrol Prices

The Federal Government says the NNPCL will forgo part of its profit margin temporarily to reduce the impact of rising petrol prices on Nigerians. Information Minister Mohammed Idris said the move was a response to higher global oil prices and was not a return to the petrol subsidy regime. Idris said the measure was aimed at protecting energy security while giving households and businesses time to adjust to changing market conditions. He said the government remained concerned about the cost-of-living pressure facing Nigerians. The minister also said the administration expected economic gains to improve daily life through stronger purchasing power, more jobs and more affordable essential services. He cited projected economic growth above 4% in 2026, lower inflation and stronger external reserves as signs of recovery.

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