By Kunle Sanni, Abuja
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has assured Nigerians that the intense price competition currently playing out in the downstream petroleum sector will ultimately favour consumers.
Ojulari said the market tensions arising from the ongoing fuel price war are temporary and reflect Nigeria’s transition from decades of fuel import dependence to increased domestic refining capacity.
Speaking to journalists on Sunday after briefing President Bola Tinubu in Lagos, the NNPCL boss said competition in a deregulated market would naturally lead to price adjustments and eventual stability.
“Where there is healthy competition, the buyers are the ultimate beneficiaries. The market will stabilise, but during a major transition like this, some tension is inevitable,” he said.
The remarks come amid a sharp drop in petrol prices across the country, driven by competition among Dangote Refinery, NNPCL retail outlets and independent marketers. Pump prices, which exceeded N1,200 per litre in November 2024, have fallen to as low as N739 per litre at some stations in December 2025.
Ojulari said Nigerians would ultimately gain from the competition, stressing that falling prices were evidence that market forces were beginning to work.
“At the end of the day, Nigerians on the street are going to be the beneficiaries,” he stated.
He clarified that under the Petroleum Industry Act (PIA), NNPCL no longer regulates fuel prices or the downstream sector, noting that its role has been separated from regulatory oversight.
