Breaking: NNPC Extends Fuel Discount, Says No Return Of Subsidy
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has extended its petrol discount at retail stations nationwide until October 31, 2026, to cushion the impact of rising fuel prices on Nigerians, insisting that the initiative does not amount to a restoration of petroleum subsidy.
The national oil company said the discount, initially introduced on October 1 to commemorate Nigeria’s 66th Independence Anniversary, would continue for the rest of the month as part of efforts to ease the financial burden on households, transport operators and businesses.
NNPC’s clarification followed a statement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on October 8, announcing measures by the Federal Government to provide relief amid rising petrol prices.
In a statement issued on Friday, October 9, NNPC’s Chief Corporate Communications Officer, Andy Odeh, said the company remained committed to supporting the government’s efforts to mitigate the effects of elevated global crude oil prices, driven partly by the conflict in the Middle East.
The company, however, stressed that the discount was a temporary customer-relief measure and should not be interpreted as a return to the fuel subsidy regime.
According to NNPC, the initiative applies specifically to its retail outlets and does not establish a uniform petrol price nationwide or change the market-based pricing framework governing petroleum products.
“We therefore urge the public to disregard any interpretation of this discount as a subsidy restoration,” the statement said.
NNPC explained that rising petrol prices had increased the cost of transportation and business operations, placing additional pressure on households and livelihoods.
It said the discount was designed to offer practical relief during a period of uncertainty in the international oil market while ensuring that its operations remained commercially responsible.
The company also reaffirmed its commitment to maintaining reliable petroleum product supplies and working with the Federal Government and other stakeholders to reduce the impact of higher fuel costs on Nigerians.
The extension comes as global crude oil market volatility continues to influence domestic petrol prices, with the government exploring measures to ease the pressure on consumers without reversing the market-based petroleum pricing policy.
NNPC urged motorists and other consumers to take advantage of the discount at its retail stations before the October 31 deadline, adding that it would continue to communicate the scope and duration of its customer-relief initiatives.
The company expressed appreciation to Nigerians for their patronage and reiterated its commitment to transparency in communicating its products, prices and customer initiatives.
