Business News of Friday, 9 October 2026

Source: www.mynigeria.com

Petrol discount offers relief, not subsidy return — NNPC

NNPC NNPC

NNPC Limited has reaffirmed its commitment to supporting the Federal Government’s efforts to provide relief for Nigerians amid elevated global crude oil prices arising from the Middle East conflict and the resulting impact on domestic petrol prices.

In a statement, it said it recognises that higher petrol prices affect everyday life, from commuting costs to the expenses of running a business. It acknowledged the strain on families and livelihoods, and this discount is intended to provide direct relief to customers during this difficult period.

Following the statement by the Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on 8 October 2026, NNPC Limited reiterated its commitment to working with the government and stakeholders to cushion the impact of rising fuel prices on households, businesses and the wider economy.

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

This initiative supports the government’s responsible and proactive approach to providing practical relief to Nigerians during a period of heightened global market uncertainty. 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.