NNPC extends N66 petrol discount to October 31, debunks subsidy return

The Nigerian National Petroleum Company Limited (NNPC) has extended its N66 per litre petrol discount at NNPC Retail stations nationwide until October 31, 2026. The company says the discount is customer relief and does not mean the return of fuel subsidy.

NNPC said it first introduced the discount on October 1 to mark Nigeria's 66th Independence anniversary, which is where the N66 figure comes from. It was first set to run from October 1 to 7.

The company described the discount as direct relief for customers during a difficult period, saying it understands the strain on families and livelihoods.

The clarification followed remarks by Finance Minister Taiwo Oyedele on October 8. He said the discount is not a subsidy and is not funded from the federal budget or the Federation Account. According to him, NNPC Retail buys petrol from the Dangote Refinery and other suppliers at market prices, and the discount comes out of its own retail margin.

NNPC added that the discount applies only to its own retail outlets. It does not set a uniform petrol price across the country and does not change the market-based pricing of petroleum products. The company urged the public to disregard any suggestion that subsidy has been restored.

Sources: Leadership, TheFact Daily and The Star, October 9, 2026.