Nigeria, Oct. 9 -- The Presidency has said the Nigerian National Petroleum Company (NNPC) Limited has agreed to suspend its petrol retail profit margin and sell the product at cost for the next 30 days.

Bayo Onanuga, presidential spokesperson, disclosed this in a statement on Thursday, saying the measure was designed to cushion the impact of global crude oil price shocks and volatility on vulnerable households.

"The Nigerian National Petroleum Company (NNPC) agreed today to forgo its petrol retail profit margin and sell to Nigerians at cost to cushion the impact of global crude oil price shocks and volatility on vulnerable households," he said.

According to Onanuga, NNPC Retail, which already sells petrol at the lowest price in the ma...