Fuel Price Competition Will Benefit Nigerians – NNPC

The Group Chief Executive Officer of NNPC, Bayo Ojulari, has assured Nigerians that the ongoing price competition in the downstream petroleum sector will ultimately benefit consumers.

“Where there is healthy competition, the buyers are the ultimate beneficiaries,” Ojulari said.

The current market tensions are a natural consequence of Nigeria’s transition from total import dependence to domestic refining, according to Ojulari.

“At the end of the day, I can tell you that Nigerians on the street are going to be the beneficiaries,” he declared.

The price war has led to a significant drop in petrol prices, from over N1,200 per litre in November 2024 to as low as N739 per litre in December 2025.

This is driven by competition between Dangote Refinery, NNPC, and independent marketers.

NNPC is no longer responsible for petroleum product pricing or regulation under the Petroleum Industry Act (PIA). “The PIA divided the roles of regulation from what I will call the business,” Ojulari explained.

Ojulari emphasized that NNPC is now a commercial company, competing profitably and raising finance independently. “We are not regulators,” he stressed.

The NNPC boss highlighted the company’s achievements, including increased oil production (1.7 million barrels per day) and gas production (over 7 billion standard cubic feet daily). “Some of those are underpinned by very structural changes within the organization,” he said.

NNPC aims to achieve at least 1.8 million barrels per day in 2026, stepping toward President Tinubu’s target of two million barrels per day by 2027. Ojulari also disclosed progress on the Ajaokuta-Kaduna-Kano gas pipeline project.

“The main line of the AKK pipeline is complete, including crossing the River Niger,” Ojulari said, adding that the pipeline will bring gas to northern Nigeria for industrialisation and power generation when commissioned in early 2026.