According to Bayo Ojulari, Group Chief Executive Officer 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, Ojulari made the comments on Sunday while addressing reporters.
He explained that Nigeria’s shift away from reliance on fuel imports is a natural result of the ongoing volatility in petrol prices.
He claims that more market competition eventually benefits consumers and that the current instability would eventually subside.
The purchasers are ultimately the winners when there is strong competition. Additionally, we should remember that the market will stabilize,” Ojulari stated. “Because we are going through a significant transition, there might be some tension along the way.”
His remarks coincide with the continuing battle over fuel prices, which has led to several price decreases at gas stations around the nation in recent weeks.
Dangote Refinery lowered the price of its gantry to roughly N699 per litre earlier in December 2025. After this action, pump rates in Abuja were lowered to between N739 and N901 per litre by MRS filling stations, NNPCL stores, and other marketers.
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