NNPC Extends Petrol Discount To October 31, Denies Subsidy Return

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

The company disclosed this in a press release issued on Friday, October 9, by its Chief Corporate Communications Officer, Andy Odeh, following recent comments by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on rising petrol prices.

NNPC said the discount, initially introduced on October 1 to mark Nigeria’s 66th Independence Anniversary, would continue throughout the month to ease the financial burden on households and businesses amid rising global crude oil prices linked to the conflict in the Middle East.

The company explained that the initiative was designed to provide temporary relief to customers grappling with increased transportation costs and other expenses associated with higher fuel prices.

According to NNPC, the discount applies exclusively to its retail outlets and does not establish a uniform pump price nationwide or change the market-based pricing framework for petroleum products.

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

NNPC said the extension aligns with the Federal Government’s efforts to cushion the effects of rising fuel prices on Nigerians while maintaining commercially responsible operations.

The company also urged the public to disregard interpretations suggesting that the discount signals a return to the former subsidy regime.

It reaffirmed its commitment to maintaining reliable petroleum product supplies and working with the government and other stakeholders to ease the pressure on consumers.

NNPC added that it would continue to communicate the scope and duration of its customer initiatives to help Nigerians make informed purchasing decisions.