NNPCL: We are working with FG to cushion impact of fuel price hike

The Nigerian National Petroleum Company Limited (NNPCL) has stated that its customers have been enjoying a N66 discount per litres on Premium Motor Spirit (PMS) before the federal government’s announcement of reduction of the product to N1,350 per litre to cushion the effect of rising crude oil price.

A statement by NNPCL’s Chief Corporate Communications Officer, Andy Odeh, said the N66 discount was introduced on October 1 to celebrate Nigeria’s 66th independence and was to last till October 31.

“Before the announcement, NNPC Limited had introduced a sales discount on 1 October 2026 to commemorate Nigeria’s 66th Independence Anniversary. This will now continue until 31 October 2026 across NNPC Retail stations nationwide.

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“This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy.”

Recall that the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, yesterday said the N1,350 discount prioritise public transport operators and reiterated that It’s not a subsidy.
NNPCL also emphasised that the initiative supports the government’s responsible and proactive approach to providing practical relief to Nigerians during a period of heightened global market uncertainty and bot subsidy.

“The initiative applies to NNPC Retail outlets and does not establish a uniform national pump price or alter the market-based pricing framework applicable to petroleum products.”

It added that it is working with the government and stakeholders to cushion the impact of rising fuel prices on households, businesses and the wider economy.

“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.

“We appreciate Nigerians’ continued patronage and support, and remain committed to clear communication about our products, prices and customer initiatives.”

The statement added that that NNPC Limited remains committed to reliable product supply and collaboration with the government and stakeholders to help ease the burden on Nigerians.

“We therefore urge the public to disregard any interpretation of this discount as a subsidy restoration.

“We assure the public that our commitment to reliable supply and responsible customer service remains firm. 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.”