NNPC Extends N66 Petrol Discount to October 31, Denies Subsidy Return

The Nigerian National Petroleum Company Limited NNPC has extended its N66-per-litre petrol discount at its retail outlets nationwide until October 31, 2026, to cushion the impact of rising fuel prices on consumers.

The company announced the extension on Friday, saying the discount, which commenced on October 1 to mark Nigeria’s 66th Independence Anniversary, would continue for the rest of the month.

The Chief Corporate Communications Officer of NNPC Limited, Mr Andy Odeh, said the decision followed the Federal Government’s announcement of additional measures to ease the effects of elevated global crude oil prices on households, businesses and the wider economy.

On Thursday, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, announced a 30-day petrol discount at NNPC stations, with priority for public transport operators.

Oyedele said the arrangement would allow the company to sell petrol at cost by temporarily foregoing its retail profit margin, stressing that the intervention did not constitute a return to the subsidy regime removed in May 2023.

NNPC said its existing N66 discount would remain available at its retail stations nationwide until the end of October.

The company explained that the initiative was intended to provide direct relief to motorists and other customers facing higher fuel costs amid uncertainty in international energy markets.

It, however, clarified that the discount applied only to NNPC Retail outlets and did not establish a uniform pump price nationwide or alter the market-based pricing framework governing petroleum products.

The company urged Nigerians to disregard suggestions that the extension represented a restoration of fuel subsidy, maintaining that the measure was a limited customer-support initiative.

NNPC added that it would continue working with the Federal Government and other stakeholders to mitigate the effects of global market fluctuations while maintaining reliable petroleum product supplies and commercially responsible operations.

The extension comes amid renewed debate over petrol pricing and the cost of living, following criticism from opposition figures who have questioned whether the government’s temporary intervention would provide lasting relief.

The Federal Government has maintained that its measures are designed to cushion consumers against price volatility without reversing the petroleum market reforms introduced in 2023.