The Nigerian National Petroleum Company Limited (NNPCL) has clarified that its petrol discount offer, which runs until October 31, does not amount to the restoration of fuel subsidy but is a temporary measure to ease the impact of rising petrol prices on Nigerians.
The company said the initiative was designed to provide relief to motorists and other consumers amid elevated global crude oil prices linked to the conflict in the Middle East.
In a statement on Friday, October 9, NNPCL’s Chief Corporate Communications Officer, Andy Odeh, said the discount was a customer relief initiative aimed at cushioning the effects of rising fuel costs on households and businesses.
The clarification followed comments by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on October 8, regarding measures to mitigate the economic impact of rising fuel prices.
NNPCL explained that it introduced the discount on October 1 as part of activities to mark Nigeria’s 66th Independence Anniversary but subsequently extended the offer until the end of October in response to concerns over the rising cost of petroleum products.
The company said the offer would remain available at NNPCL Retail stations nationwide until October 31.
“This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy,” Odeh said.
The company stressed that the initiative should not be interpreted as a return to the former government-backed petrol subsidy regime, which was removed in 2023.
It further clarified that the discount applied only to its retail outlets and did not establish a uniform national pump price or alter the market-based pricing framework governing petroleum products in the country.
According to NNPCL, rising petrol prices have increased transportation costs, raised business operating expenses and placed additional pressure on household budgets.
It said the temporary price concession was intended to ease some of these financial pressures while supporting the Federal Government’s efforts to mitigate the effects of global market uncertainties on domestic fuel prices.
The company urged Nigerians to disregard interpretations suggesting that the discount represented a restoration of petrol subsidy, maintaining that its operations remained commercially responsible.
NNPCL added that it would continue to work with the Federal Government and other stakeholders to support the reliable supply of petroleum products and communicate clearly the scope and duration of its customer relief initiatives.
The clarification comes amid fluctuations in global crude oil prices, which continue to influence domestic petrol costs and expose households and businesses to rising transportation and operating expenses.
The development also highlights the distinction between temporary, company-funded price concessions and a government-backed subsidy regime, as Nigeria continues to operate a market-based petrol pricing system following the removal of subsidy in 2023.
