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each litre can be more than offset by selling more litres over time. And a discount builds customer loyalty that lasts well beyond the discount period itself. Together, these can raise NNPC Retailโ€™s profits, and the dividends paid to the Federation: a win-win for consumers and for government. Margin discounts are a routine commercial strategy, used by retailers the world over. 5. ๐“๐ก๐ž ๐ƒ๐ข๐ฌ๐œ๐จ๐ฎ๐ง๐ญ ๐–๐ข๐ฅ๐ฅ ๐๐จ๐ญ ๐ƒ๐ข๐ฌ๐ญ๐จ๐ซ๐ญ ๐ญ๐ก๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐จ๐ซ ๐„๐ง๐œ๐จ๐ฎ๐ซ๐š๐ ๐ž ๐’๐ฆ๐ฎ๐ ๐ ๐ฅ๐ข๐ง๐  The retail margin on petrol is less than 5 percent of the pump price. A discount within that margin cannot meaningfully widen the gap between prices in Nigeria and in neighbouring countries, where petrol already costs 20 to 40 percent more. It therefore creates no new incentive for smuggling, and no distortion of the kind that subsidy regimes produced in the past. ๐“๐ก๐ž ๐๐จ๐ญ๐ญ๐จ๐ฆ ๐‹๐ข๐ง๐ž .๐‘จ ๐’”๐’–๐’ƒ๐’”๐’Š๐’…๐’š ๐’”๐’‘๐’†๐’๐’…๐’” ๐’‘๐’–๐’ƒ๐’๐’Š๐’„ ๐’Ž๐’๐’๐’†๐’š ๐’•๐’ ๐’๐’๐’˜๐’†๐’“ ๐’•๐’‰๐’† ๐’‘๐’“๐’Š๐’„๐’† ๐’๐’‡ ๐’‡๐’–๐’†๐’. ๐‘ป๐’‰๐’† ๐‘ต๐‘ต๐‘ท๐‘ช ๐‘น๐’†๐’•๐’‚๐’Š๐’ ๐’…๐’Š๐’”๐’„๐’๐’–๐’๐’• ๐’๐’๐’˜๐’†๐’“๐’” ๐’•๐’‰๐’† ๐’‘๐’“๐’Š๐’„๐’† ๐’˜๐’Š๐’•๐’‰๐’๐’–๐’• ๐’”๐’‘๐’†๐’๐’…๐’Š๐’๐’ˆ ๐’‚๐’๐’š ๐’‘๐’–๐’ƒ๐’๐’Š๐’„ ๐’Ž๐’๐’๐’†๐’š, ๐’‚๐’๐’… ๐’Š๐’• ๐’„๐’‚๐’ ๐’”๐’•๐’“๐’†๐’๐’ˆ๐’•๐’‰๐’†๐’ ๐‘ต๐‘ต๐‘ท๐‘ช ๐‘น๐’†๐’•๐’‚๐’Š๐’โ€™๐’” ๐’ƒ๐’–๐’”๐’Š๐’๐’†๐’”๐’” ๐’‚๐’• ๐’•๐’‰๐’† ๐’”๐’‚๐’Ž๐’† ๐’•๐’Š๐’Ž๐’†. We recognise that fuel prices continue to weigh on households and businesses. The discount is one of several measures government is pursuing to ease that burden, alongside the expansion of CNG transport, the waiver of taxes and duties on petrol, and the removal of illegal levies that inflate transport costs. Each is designed to bring relief without returning Nigeria to a subsidy regime that the country can no longer afford. ๐“๐š๐ข๐ฐ๐จ ๐Ž๐ฒ๐ž๐๐ž๐ฅ๐ž ๐˜๐˜ฐ๐˜ฏ๐˜ฐ๐˜ถ๐˜ณ๐˜ข๐˜ฃ๐˜ญ๐˜ฆ ๐˜”๐˜ช๐˜ฏ๐˜ช๐˜ด๐˜ต๐˜ฆ๐˜ณ ๐˜ฐ๐˜ง ๐˜๐˜ช๐˜ฏ๐˜ข๐˜ฏ๐˜ค๐˜ฆ ๐˜ข๐˜ฏ๐˜ฅ ๐˜Š๐˜ฐ๐˜ฐ๐˜ณ๐˜ฅ๐˜ช๐˜ฏ๐˜ข๐˜ต๐˜ช๐˜ฏ๐˜จ ๐˜”๐˜ช๐˜ฏ๐˜ช๐˜ด๐˜ต๐˜ฆ๐˜ณ ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜Œ๐˜ค๐˜ฐ๐˜ฏ๐˜ฐ๐˜ฎ๐˜บ ๐๐จ๐ญ๐ž ๐ญ๐จ ๐ž๐๐ข๐ญ๐จ๐ซ๐ฌ: The Ministerโ€™s full speech, ๐˜๐˜ถ๐˜ฆ๐˜ญ ๐˜—๐˜ณ๐˜ช๐˜ค๐˜ฆ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ต๐˜ฉ๐˜ฆ ๐˜š๐˜ถ๐˜ฃ๐˜ด๐˜ช๐˜ฅ๐˜บ ๐˜˜๐˜ถ๐˜ฆ๐˜ด๐˜ต๐˜ช๐˜ฐ๐˜ฏ, is available on the Federal Ministry of Finance
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