NNPC petrol discount is not fuel subsidy — Finance minister

The Nigerian National Petroleum Company Limited (NNPC) has extended its N66-per-litre petrol discount to October 31, providing motorists with an additional three weeks of relief amid rising fuel prices. The discount, introduced on October 1 to mark Nigeria's 66th Independence Anniversary, will continue nationwide throughout October.

The extension came following the Federal Government's renewed efforts to alleviate the impact of escalating global crude oil prices on households, businesses, and the broader economy. The government announced on Thursday that NNPC Limited would operate without its retail profit margin on petrol and sell it at a discounted cost for 30 days, prioritizing public transport operators.

Including the extension, the N66 sales discount will now last until the end of October 2026 across NNPC retail stations nationwide. This initiative aims to offer practical relief to Nigerians without reversing the government's market-based petroleum pricing policy. NNPC emphasized that the discount is a customer relief measure and does not signal the reintroduction of petroleum subsidies, which were removed in May 2023.

The company reiterated its commitment to collaborating with the government and stakeholders to mitigate the effects of global market uncertainties on Nigerians. The extension of the petrol discount comes amid fluctuating international crude oil prices that influence domestic petrol costs, posing challenges for transport operators, traders, manufacturers, and households reliant on petrol for mobility and power generation.