The Nigerian National Petroleum Company Limited has extended its N66 per litre petrol discount to October 31, insisting the measure does not mean a return of fuel subsidy.
The discount, which began on October 1 to mark Nigeria’s 66th Independence Anniversary, will continue across NNPC Retail stations nationwide.
Chief Corporate Communications Officer, Andy Odeh, disclosed this in a statement on Friday.
The extension followed the Federal Government’s announcement of a 30-day petrol relief package.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, had on Thursday said NNPC Retail would forgo its profit margin and offer discounted petrol, with priority for public transporters.
“This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy,” NNPC said.
The company said the initiative was meant to cushion the impact of rising global crude oil prices linked to the Middle East conflict.
“We recognise that higher petrol prices affect everyday life, from the cost of commuting to the expenses of running a business. We understand the strain on families and livelihoods, and this discount is intended to provide direct relief,” it said.
NNPC stressed that the discount applies only to its own retail outlets and does not set a uniform national pump price or alter the market-based pricing framework.
The Presidency also clarified on Friday that the discount is funded by NNPC Retail’s margin, not public funds.
“A subsidy is when government pays part of the price from public revenue. That regime ended in 2023 and it is not coming back,” Special Adviser on Information and Strategy, Bayo Onanuga, said.
The government said it is also negotiating a N1,350 per litre ceiling on ex-gantry landing cost to stabilise prices.
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