The Presidency has stated that the Federal Government is working to reduce inflation to single digits. Presidential spokesman Bayo Onanuga made this known while announcing additional measures to support Nigerians amid the global fuel crisis. The Nigerian National Petroleum Company (NNPC) has agreed to forgo its petrol retail profit margin and sell at cost for 30 days, as announced by Minister of Finance Taiwo Oyedele. This move follows a rise in fuel prices due to the blockade on the Strait of Hormuz over the US-Iran war.
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