Oyedele Clarifies, Says 𝐍𝐍𝐏𝐂 D𝐢𝐬𝐜𝐨𝐮𝐧𝐭, Commercial Decision, N𝐨𝐭 S𝐮𝐛𝐬𝐢𝐝𝐲

The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has clarified that the newly-introduced discount on petroleum motor spirit (PMS) was purely a decision by the Nigerian National Petroleum Company Limited (NNPCL) to forfeit its retail profit margin and not subsidy. In a statement issued by the Ministry of Finance, Friday, the minister explained that the initiative is a commercial decision taken by the state oil company without public funds being committed. He stated that a retail margin discount happens when a marketer voluntarily reduces its profit margin, or temporarily gives it up entirely, to lower the price paid by consumers. The minister said, “The discount lowers prices for consumers and can strengthen NNPC Retail’s businesses and profits at the same time.” Since 1 October 2026, motorists have been paying less for petrol.

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