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A sharp drop in petrol prices triggered by fierce competition among refiners and marketers will ultimately benefit Nigerian consumers, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, has said.
Speaking to journalists in Lagos after briefing President Bola Tinubu on Sunday, Ojulari described the ongoing price war as a temporary tension arising from Nigeria’s transition from fuel import dependence to domestic refining.
“Where there is healthy competition, the buyers are the ultimate beneficiaries. The market will stabilise,” he said.
Petrol prices have fallen from over ₦1,200 per litre in late 2024 to as low as ₦739 in December 2025 at some outlets, following aggressive price cuts by Dangote Refinery, NNPCL retail stations and independent marketers.
Ojulari said the Petroleum Industry Act (PIA) has ended NNPCL’s role as a price regulator, turning the company into a commercial entity.
“Post-PIA, we are no longer regulators. NMDPRA handles downstream regulation, NUPRC handles upstream, while NNPCL operates strictly as a business,” he explained, adding that the company no longer receives federation allocations and must raise funds independently.
He further acknowledged that the rapid price shifts have strained marketers who bought fuel at higher prices but said market forces would eventually stabilise.
He said NNPCL is working with major players, including Dangote Refinery, to ensure steady supply, while increasing crude oil and gas production to support local refining.
He said the reforms, local refining capacity and infrastructure projects would strengthen energy security and moderate fuel prices in the long term.
By: Babajide Okeowo
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