Nigeria’s State House said on October 9 that Nigerian National Petroleum Company Limited (NNPCL) had agreed to forgo its retail profit margin and sell petrol at cost to soften the effect of global crude and petrol price volatility on households. NNPC Retail is to offer the arrangement within 30 days; the statement’s example says a landing cost of 1,300 naira per litre would mean a 1,300-naira selling price.

Finance Minister Taiwo Oyedele also announced forward sales of crude to domestic refineries, negotiations to cap petrol’s ex-gantry or landing cost at 1,350 naira per litre, cash transfers and a planned strategic fuel reserve. The statement says the ceiling would be reviewed monthly and is not being presented as a subsidy or fixed pump price. These are announced or negotiated measures; the release reports no implementation results, total cost or realized fall in retail prices.