In a State House announcement published on 9 October, Nigeria’s national oil company, NNPC Ltd, was reported to have agreed to forgo its petrol retail profit margin and sell fuel at cost. The company’s retail arm, NNPC Retail, is to introduce the measure within the next 30 days.
The announcement describes an agreed future measure and gives no current pump price, sales volume or estimate of the retail margin being waived. It therefore records a plan, not evidence that cost-priced sales have started or a measured change in consumer prices.
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