Mirian Gom 
NNPCL Group CEO, Bashir Ojulari
LAGOS, Nigeria – The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, assures Nigerians that intense price competition in the downstream petroleum sector will ultimately lower costs for consumers and stabilise the market.
Speaking to journalists on Sunday after briefing President Bola Tinubu in Lagos, Ojulari describes the current price war as a natural phase in Nigeria’s transition from full reliance on fuel imports to domestic refining. “Where there is healthy competition, the buyers are the ultimate beneficiaries,” Ojulari says. “After a while, there’ll be some tension because we’re going through a major transition, but the market will stabilise.”
His remarks come amid aggressive price cuts that see petrol prices fall from over ₦1,200 per litre in November 2024 to as low as ₦739 per litre at select outlets in December 2025. The reductions are driven largely by competition between Dangote Refinery, NNPCL retail outlets and independent marketers.
“At the end of the day, Nigerians on the street are going to be the beneficiaries,” Ojulari adds.
Clarifying NNPCL’s role under the Petroleum Industry Act (PIA), Ojulari stresses that the company no longer regulates fuel pricing or supply. “The PIA made a fundamental change,” he explains. “Regulation is separated from business. The NMDPRA oversees downstream and midstream regulation, while the NUPRC handles upstream operations. Post-PIA, we are not regulators.”
The competition intensified in December 2025 when Dangote slashed its ex-depot price to ₦699 per litre, forcing market-wide price adjustments. While marketers face losses on old stock, industry groups confirm that pricing now directly determines customer loyalty.
Ojulari says NNPCL remains the “supplier of last resort,” prioritising production growth to sustain refinery supply and nationwide fuel availability.
About the Author
Edino Chubiyo Cornelius 
Oluwafunbi Bello 
Hussaini Ibrahim