NNPC extends N66 Petrol discount at its stations nationwide until October 31, denies subsidy return

The Nigerian National Petroleum Company Limited (NNPC Ltd) has extended its N66 petrol discount at retail stations nationwide until October 31, 2026, insisting that the initiative does not represent a return to fuel subsidy.

The company announced the extension in a press release issued on Friday by its Chief Corporate Communications Officer, Andy Odeh.

According to NNPC, the discount, which was introduced on October 1 to commemorate Nigeria’s 66th Independence Anniversary, will continue throughout October at its retail outlets across the country.

The company said the initiative was intended to provide temporary relief to motorists and businesses amid elevated global crude oil prices linked to the conflict in the Middle East and its impact on domestic petrol prices.

NNPC said it understood the pressure rising fuel costs placed on households, commuters and businesses, adding that the discount was designed to ease some of the financial burden on consumers.

The extension follows a statement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on October 8, in which he explained that the discount was funded from NNPC Retail’s profit margin rather than public funds.

NNPC said it remained committed to supporting the Federal Government’s efforts to cushion the impact of rising fuel prices on households and the wider economy.

The company, however, stressed that the discount was a customer-relief initiative and should not be interpreted as a restoration of the petroleum subsidy removed by the Federal Government in 2023.

It also clarified that the initiative applied only to NNPC Retail outlets and did not establish a uniform pump price across Nigeria or change the market-based pricing framework for petroleum products.

The company said the discount was part of its efforts to provide practical assistance to consumers while maintaining commercially responsible operations.

NNPC urged Nigerians to disregard claims that the initiative amounted to a return to fuel subsidy, reaffirming its commitment to reliable product supply and collaboration with the government and other industry stakeholders.

It also pledged to continue communicating clearly about the scope and duration of its customer-relief measures to help consumers make informed purchasing decisions.

The company expressed appreciation to Nigerians for their continued patronage, saying it would maintain its focus on responsible customer service and reliable fuel supply.