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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, says Nigerians will benefit from the ongoing fuel price competition in the country.
Speaking to journalists after briefing President Bola Tinubu in Lagos, Ojulari said the current price war in the downstream petroleum sector was part of Nigeria’s shift from importing fuel to refining it locally.
“Where there is healthy competition, the buyers are the ultimate beneficiaries. And I think for us, we need to keep in mind that the market will stabilise,” Ojulari said.
“After a while, there’ll be some tension, because we’re going through a major transition.”
Fuel prices have dropped in recent months, falling from over 1,200 naira per litre in late 2024 to as low as 739 naira at some filling stations in December 2025.
The price cuts have been driven by competition among fuel suppliers, including the Dangote Refinery, NNPCL, and independent marketers.
“At the end of the day, I can tell you that Nigerians on the street are going to be the beneficiaries,” Ojulari declared.
He noted the company no longer controls fuel pricing or regulation under the Petroleum Industry Act (PIA), hinting that regulatory oversight rests with the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Petroleum Regulatory Commission.
“The NMDPRA is responsible for all downstream and midstream regulation, as you know, and the NUPRC is responsible for all upstream regulations. So Nigerians must understand that post-PIA, we as NNPC are not regulators.”
He noted that NNPC has been instituted by the PIA to become “a commercial company, which means a company that needs to compete profitably and be successful profitably.”
Ojulari disclosed that NNPCL no longer receives federation allocations and must raise finance independently, “like any other business.”
