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From Adanna Nnamani, Abuja
The Nigerian National Petroleum Company (NNPC) Limited has said its petrol discount initiative is not a restoration of the defunct petroleum subsidy, insisting that the measure is aimed at cushioning the impact of rising fuel prices on Nigerians.
The company said the discount, which was introduced on October 1 to commemorate Nigeria’s 66th Independence Anniversary, would continue until October 31, 2026, across its retail stations nationwide.
NNPC said the initiative followed the increase in global crude oil prices arising from the conflict in the Middle East and the resulting impact on domestic petrol prices.
In a statement issued yesterday, the Chief Corporate Communications Officer of NNPC Limited, Andy Odeh, said the company remained committed to supporting the Federal Government’s efforts to ease the burden of rising fuel prices on households, businesses and the wider economy.
He said the discount was a customer relief initiative and did not amount to the reintroduction of petroleum subsidy, which the Federal Government removed in May 2023.
“NNPC Limited reaffirms its commitment to supporting the Federal Government’s efforts to provide relief for Nigerians amid elevated global crude oil prices arising from the Middle East conflict and the resulting impact on domestic petrol prices,” the statement said.
The company acknowledged that rising petrol prices had increased the cost of transportation and doing business, placing additional pressure on households and livelihoods.
It said the discount was intended to provide direct relief to customers during the period of heightened global market uncertainty.
NNPC, however, clarified that the initiative applied only to its retail outlets and did not establish a uniform national pump price or change the market-based pricing framework for petroleum products.
The clarification followed an announcement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on October 8, that NNPC Retail would forgo its petrol retail profit margin and sell the product at cost for 30 days to cushion the impact of rising prices.
Oyedele also said the Federal Government was negotiating a ceiling of N1,350 per litre on petrol landing costs as part of measures to moderate price volatility.
The government had maintained that the proposed measures were not a return to subsidy but efforts to provide targeted relief while preserving the market-based pricing system.
NNPC said it would continue to work with the government and other stakeholders to ensure reliable product supply and provide clear information on its products, prices and customer initiatives.
The company urged Nigerians to disregard interpretations of the discount as a restoration of petrol subsidy, adding that its priority remained providing practical support while maintaining commercially responsible operations.
“We assure the public that our commitment to reliable supply and responsible customer service remains firm.
“Our priority is to provide practical support while maintaining commercially responsible operations.
“We will continue to explain the scope and duration of our customer initiatives clearly, so Nigerians can make informed purchasing decisions.
“We appreciate Nigerians’ continued patronage and support, and remain committed to clear communication about our products, prices and customer initiatives,” he stated.
