NNPC extends N66-per-litre petrol discount through October
publishers 17articles 26first reported 8 Oct, 16:06 UTCdeveloping since 8 Oct · 11 editions
The Nigerian National Petroleum Company Limited has extended a N66-per-litre discount on petrol sold at its retail stations nationwide through October 31, 2026.
NNPC said the discount began on October 1 to mark Nigeria’s 66th Independence Anniversary and was extended as part of efforts to ease the effects of higher fuel prices. The federal government had announced a 30-day discount on Thursday, saying public transport operators would receive priority.
Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele said the measure does not restore the petrol subsidy removed in May 2023. According to Oyedele, NNPC Retail is funding the reduction by lowering or temporarily giving up its retail profit margin rather than using money from the federal budget or Federation Account.
NNPC Retail purchases petrol from suppliers at market prices and normally adds a retail margin to determine the pump price. Under the discount, the company is passing some or all of that margin to customers. NNPC described the measure as a customer-relief initiative consistent with market-based petroleum pricing.
The government is also negotiating a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol. Oyedele said refiners and importers would absorb costs above the ceiling and recover them when crude prices or exchange rates become more favourable. The ceiling would be reviewed monthly and published. Other announced measures include expanded cash transfers, subsidised credit and faster deployment of compressed natural gas vehicles.
HOW THIS STORY WAS MADE
Written from 3 articles, 3 with the publisher's own text; 2 independent newsrooms once syndicated copies count as one; this version written 18 h after the record first saw the story; the editor kept it as written.
- Publishers
- 17
- Source articles
- 26
- Given to the writer
- 3, 3 with the article's own text
- Independent newsrooms
- 2
- This version written
- 18 h after the record first saw the story
- Second model (editor)
- kept as written
- Publication gate
- passed
- Human review
- none
WHAT THE EDITOR DID
The second model checked the writer's draft against the same sources and published it as written.
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