NNPC extends petrol discount to October 31, rules out subsidy return

The Nigerian National Petroleum Company Limited (NNPC Ltd) has extended its petrol discount at retail stations nationwide until October 31, insisting that the initiative does not amount to a return of fuel subsidy.

The company said the discount, introduced on October 1 to mark Nigeria’s 66th Independence Anniversary, would continue throughout the month to ease the impact of rising petrol prices on households and businesses.

In a statement issued on Friday in Abuja, NNPC’s Chief Corporate Communications Officer, Andy Odeh, said the initiative was designed to provide relief to Nigerians amid rising global crude oil prices linked to the conflict in the Middle East.

“ This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy,” Odeh said.

The clarification follows a statement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on October 8 concerning measures to cushion the impact of rising fuel prices on Nigerians.

NNPC explained that the discount applied only to its retail outlets and did not establish a uniform pump price nationwide or alter the market-based pricing framework for petroleum products.

The company urged Nigerians to disregard interpretations suggesting that the initiative represented a restoration of fuel subsidy.

“We recognise that higher petrol prices affect everyday life, from the cost of commuting to the expenses of running a business,” the statement said, adding that the discount was intended to provide direct relief to customers during the difficult period.