Oil firm says the extension will provide temporary relief to motorists nationwide but insists the initiative is not a return to fuel subsidy or a change in Nigeria’s market-based pricing system…..
The Nigerian National Petroleum Company Limited (NNPC) has extended its N66-per-litre petrol discount to October 31, offering motorists three additional weeks of price relief as rising fuel costs continue to put pressure on households and businesses.
The company said the discount, which took effect on October 1 to commemorate Nigeria’s 66th Independence Anniversary, would remain available throughout the month at its retail outlets nationwide.
The extension comes as the Federal Government intensifies efforts to ease the economic impact of elevated global crude oil prices amid tensions in the Middle East.
On Thursday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, announced that NNPC Limited would reduce its retail profit margin on petrol for 30 days to help cushion consumers against rising fuel costs.
Oyedele said the initiative would prioritise public transport operators but did not disclose the specific amount of the discount at the time.
However, in a statement issued on Friday, NNPC’s Chief Corporate Communications Officer, Andy Odeh, confirmed that the company had already introduced a N66 discount per litre on October 1 and would maintain the arrangement until the end of the month.
“Following the statement by the Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on 8 October 2026, NNPC Limited reiterates its commitment to working with the government and stakeholders to cushion the impact of rising fuel prices on households, businesses and the wider economy,” the company said.
It added that the extension was intended to provide immediate relief to customers while maintaining the existing framework for petroleum pricing.
NNPC stressed that the initiative was a temporary customer support measure and should not be interpreted as a reversal of the petrol subsidy removal introduced in May 2023.
The oil company said the discount did not amount to a return of the subsidy regime, insisting that the initiative was designed to help consumers without reversing the government’s market-based petroleum pricing policy.
It also clarified that the discount applied exclusively to NNPC Retail outlets and did not establish a uniform pump price across the country.
According to the company, petrol prices would continue to be determined within the existing market-based framework, meaning prices could vary between retailers and locations.
“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 to customers during this difficult period,” NNPC said.
The company added that the measure aligned with the government’s efforts to provide practical support to Nigerians amid heightened uncertainty in global energy markets.
It maintained that the discount would neither alter the broader pricing system nor represent a government-funded subsidy arrangement.
The clarification follows renewed public debate over the distinction between the government’s decision to allow NNPC Retail to reduce its profit margin and the direct financial support previously used to keep petrol prices artificially low.
The extension comes against the backdrop of persistent pressure from petrol prices, which have increased transportation costs and raised operating expenses for businesses across the country.
Transport operators, traders, manufacturers and households that rely on petrol for mobility and electricity generation have all been exposed to fluctuations in domestic fuel prices.
Since the removal of the petrol subsidy, pump prices have become more sensitive to international crude oil prices, exchange-rate movements, refining and distribution costs, and competition among suppliers.
While the policy reduced the Federal Government’s direct spending on subsidising petrol consumption, it also left consumers more exposed to movements in global energy markets.
The latest discount is therefore expected to offer some temporary relief to motorists purchasing fuel at participating NNPC Retail stations, although its impact will depend on prevailing pump prices and individual consumption needs.
NNPC said it remained committed to ensuring reliable petroleum product supplies while maintaining commercially responsible operations.
“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,” the company said.
It also urged Nigerians to disregard claims that the extension signalled a restoration of the former subsidy regime, reiterating that the initiative was limited in scope and duration.
The company reaffirmed its commitment to communicating clearly about its products, pricing and customer support measures, while thanking Nigerians for their continued patronage.
“We assure the public that our commitment to reliable supply and responsible customer service remains firm,” NNPC said.
With the discount scheduled to run until October 31, motorists will continue to benefit from the price reduction at NNPC Retail outlets for the remainder of the month. The company has not announced whether the initiative will be extended beyond that date.
