NNPCL chief says fuel price competition will help Nigerians
Bayo Ojulari, CEO of Nigerian National Petroleum Company Limited (NNPCL), has assured Nigerians that the ongoing fuel price war will ultimately benefit consumers. He explained that the current market tensions are a result of Nigeria’s shift from import dependence to domestic refining. Ojulari emphasised that NNPCL is now a commercial entity and no longer regulates prices, with the Petroleum Industry Act assigning that role to other agencies. The recent price drops are driven by increased competition among Dangote Refinery, NNPCL, and independent marketers.
TLDR
- Bayo Ojulari said intense competition in the downstream petroleum sector is lowering petrol prices and will benefit Nigerians.
- Petrol prices fell from over N1,200 per litre in November 2024 to as low as N739 per litre at some outlets in December 2025.
- Dangote Refinery began producing petrol locally in September 2024, intensifying competition and causing rapid price reductions.
- The Petroleum Industry Act, implemented in 2022, shifted regulatory responsibilities from NNPCL to agencies like NMDPRA and NUPRC.
- Ojulari revealed oil production rose from 1.5 million barrels per day last year to over 1.7 million barrels per day in 2025, with gas output also increasing.
