According to Bayo Ojulari, Group CEO of Nigerian National Petroleum Company Limited (NNPCL), Nigerians stand to gain the most from the continuous fuel price reductions brought about by competition in the downstream oil industry.
After briefing President Bola Tinubu in Lagos on Sunday, Ojulari made the statements to reporters.
He explained that Nigeria’s move away from reliance on fuel imports is a logical result of the current volatility in gas prices.
He added that the current volatility will eventually subside and that consumers will ultimately benefit from stronger market competitiveness.
The buyers ultimately gain when there is healthy competition. Ojulari added, “We should also keep in mind that the market will stabilize.” “We are going through a significant transition, so there might be some conflict along the way.”
His remarks coincide with the continuing battle over fuel prices, which has led to a series of price cuts at gas stations around the nation in recent weeks.
In December 2025, Dangote Refinery lowered the price of its gantry to approximately N699 per litre. Following this action, pump rates in Abuja were lowered by MRS filling stations, NNPCL stores, and other marketers to N739 to N901 per litre.
