The Nigerian National Petroleum Company Limited (NNPCL) says that its petrol discount offer, which runs until October 31, does not amount to the restoration of subsidy on petrol.
The Chief Corporate Communications Officer of the NNPCL, Mr. Andy Odeh, said on Friday that the discount was designed to provide temporary relief to customers amid rising global crude oil prices linked to the conflict in the Middle East.
The clarification followed the statement by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, on Thursday, October 8, on measures adopted by the Nigerian government to cushion the economic impact of rising petrol prices.
The NNPCL said that it had introduced the discount on October 1 to mark Nigeria’s 66th Independence Anniversary, before extending the initiative through the end of the month in response to concerns over the rising cost of petroleum products.
The company said that 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.
According to the statement, the clarification is aimed at distinguishing the company’s temporary price concession from a return to the former government-backed petrol subsidy regime, which was removed in 2023.
The NNPCL stressed 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 governing petroleum products.
It noted that higher petrol prices had increased the cost of commuting, running businesses and meeting household expenses, adding that the discount was intended to ease some of the pressures on consumers.
The statement added that the initiative is part of the efforts to support the Nigerian Government’s response to global market uncertainty and its effect on domestic fuel prices.
The NNPCL urged Nigerians to disregard interpretations of the discount as a subsidy restoration, maintaining that its operations remained commercially responsible.
The company stated that it would continue working with the government and other stakeholders to support the supply of reliable petroleum products, while communicating the scope and duration of its customer relief measures.
The latest clarification comes as fluctuations in global crude oil prices continue to influence domestic petrol costs, leaving households and businesses exposed to changes in transportation and operating expenses.
GIK/APA