The Federal Government has assured Nigerians that President Bola Tinubu will not leave them to face rising petrol prices alone. The government also defended the Nigerian National Petroleum Company Limited (NNPCL) over its plan to reduce profit margins.
Minister of Information and National Orientation, Mohammed Idris, spoke on Monday during a media briefing. He said the move would provide temporary relief as global fuel prices continue to rise. However, he stressed that the decision does not mean the government has reversed petrol subsidy removal.
NNPC Considers Profit Cut to Ease Fuel Prices
Idris explained that the NNPCL could sacrifice part of its profits to reduce the pressure on consumers. According to him, the move would help Nigerians adjust to the rising cost of fuel.
“President Bola Tinubu is a listening president. He cannot just sit and see that his countrymen are facing pressure that they had not seen coming and then not do anything about it,” Idris said.
The minister added that the NNPCL could review its profit margins to support energy security. He described the decision as a temporary measure to help Nigerians cope with current economic challenges.
Petrol Subsidy Removal Policy Remains
Meanwhile, Idris maintained that the intervention does not reverse the Tinubu administration’s petrol subsidy removal policy. He said the government must respond to unexpected changes in the global oil market.
“When subsidy was removed, of course, the Iran-U.S. war didn’t exist. So at every time, government is a continuously evolving system,” he said.
Idris also noted that rising fuel prices affect countries beyond Nigeria. He explained that global oil market developments influence petrol prices in many parts of the world.
According to him, the NNPCL has the right to adjust its profit margins. Although the Federal Government owns the company, it operates as a limited liability company.
Government Promises Relief Amid Rising Living Costs
Despite the planned intervention, many Nigerian households still struggle with rising food prices and other living expenses. Idris acknowledged these challenges and said the government wants economic improvements to benefit ordinary citizens.
“Our commitment is to ensure that stronger economic indicators translate into more jobs, more productive businesses, more affordable essential services and greater purchasing power for Nigerian families,” he said.
The minister added that the government wants Nigerians to feel the impact of economic recovery in their daily lives. He mentioned food, markets, transport costs and household spending as key areas of concern.
Idris also recalled Tinubu’s engagement with organised labour during minimum wage negotiations. He said the President had considered some of labour’s concerns during discussions over the ₦70,000 minimum wage.
For now, the government says the NNPCL’s proposed profit reduction will offer temporary relief. However, Nigerians will be watching to see whether the intervention helps ease the pressure of rising petrol prices.
