Fuel Price Cuts Reward Nigerians as Competition Reshapes Downstream Market — NNPCL CEO

|By Babatunji Wusu

Nigerians are reaping the gains of falling petrol prices as heightened competition intensifies in the downstream oil sector, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has said.

Ojulari spoke on Sunday in Lagos after briefing President Bola Tinubu, attributing the recent price reductions to market forces unleashed by Nigeria’s shift away from fuel import dependence.

He explained that the current price swings reflect a transitional phase driven by increased competition among suppliers, stressing that consumers stand to benefit the most. According to him, the volatility will taper as the market adjusts and stabilises.

Ojulari noted that healthy competition naturally pushes prices down, even though short-term tensions may arise during major structural changes in the sector.

His remarks come as a fuel price war continues to play out nationwide, with marketers repeatedly slashing pump prices in recent weeks.

Earlier in December 2025, the Dangote Refinery reduced its gantry price to about N699 per litre, a move that triggered swift reactions across the market. MRS filling stations, NNPCL retail outlets and other marketers subsequently cut pump prices, selling petrol for between N739 and N901 per litre in Abuja.

The latest reductions underscore the impact of domestic refining and competition on easing fuel costs for consumers, reinforcing expectations of a more stable and consumer-friendly pricing regime in the months ahead.