The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, on Sunday assured Nigerians that ongoing price competition in the downstream petroleum sector will ultimately benefit consumers.
He described current market tensions as a natural consequence of Nigeria’s transition from total import dependence to domestic refining.
“Where there is healthy competition, the buyers are the ultimate beneficiaries. And I think for us, we need to keep our minds that the market will stabilise.
“After a while, there’ll be some tension, because we’re going through a major transition,” Ojulari told journalists after briefing President Bola Tinubu in Lagos.
The NNPCL boss made the remarks against the backdrop of an intense price war that has seen petrol prices crash from over N1,200 per litre in November 2024 to as low as N739 per litre at some retail outlets in December 2025, driven primarily by competition between 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.
Clarifying NNPCL’s role in the deregulated market, Ojulari emphasised that the company is no longer responsible for petroleum product pricing or regulation under the Petroleum Industry Act.
