NNPC extends 66-naira-per-litre petrol discount in Nigeria — Premium Times Nigeria
In Nigeria, NNPC Retail has extended until October 31 a 66-naira-per-litre petrol discount at its filling stations. Drivers can receive it by making digital payments through the NNPC Fuel App, Premium Times Nigeria reports.
President Bola Tinubu’s government explained the price reduction by NNPC Retail giving up part of its retail margin, rather than through payments from the federal budget or the Federation Account. Finance Minister and economic coordinator Taiwo Oyedele said the company buys petrol from Dangote Refinery and other suppliers at market prices, while its retail margin accounts for less than 5% of the fuel price.
Discount through the app
According to PUNCH, at filling stations in Abuja visited on October 10, drivers who paid directly at the pump paid 1,405 naira per litre, while app users paid 1,339 naira. These observations do not establish prices or purchase terms at all NNPC stations across the country. The discount was introduced on October 1 to mark the 66th anniversary of Nigeria’s independence.
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The Tinubu administration is also negotiating a cap of 1,350 naira per litre for refinery ex-depot prices or the cost of imported petrol supplies. Under the proposed scheme, refiners and importers would first have to cover costs above this level and recover the difference later when oil prices or the exchange rate are more favourable. The government has not published agreements or a formula for such reimbursement.
Atiku Abubakar’s proposal
Atiku Abubakar, the African Democratic Congress presidential candidate, proposes supporting the production of petroleum products at refineries in Nigeria. One option envisages selling crude oil to local refiners below market price, with the difference treated as production support. Abubakar’s campaign says modular refineries could also participate in the programme, but has not disclosed the size of the discount, oil volumes, or an annual spending limit.
The government’s approach operates at the retail stage, while Abubakar’s proposal is intended to reduce refining costs. According to the regulator, in August Dangote Refinery supplied about 35.87 million litres out of approximately 50.5 million litres of average daily petrol inflows in Nigeria. State-owned refineries in Port Harcourt, Warri and Kaduna did not produce fuel during this period.
