Petrol price drop: Ojulari says Nigerians gaining most as market competition deepens.

By Our Reporter

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has stated that Nigerians are the main beneficiaries of the recent reductions in petrol prices across the country.

Ojulari made this known on Sunday while addressing journalists after a briefing with President Bola Tinubu in Lagos. He explained that the current adjustments in fuel prices are a natural consequence of Nigeria’s shift from reliance on imported petroleum products to a more competitive downstream market.

According to him, increased competition among fuel suppliers will ultimately work in favour of consumers, even though temporary price fluctuations may occur during the transition period.

“Anytime you have healthy competition, the consumers benefit the most,” Ojulari said. “The market will eventually stabilise, though there may be some tension along the way because this is a major transition.”

His remarks come amid an ongoing price battle among fuel marketers, which has led to multiple pump price reductions in recent weeks.

Earlier in December 2025, Dangote Refinery lowered its petrol gantry price to about ₦699 per litre. In response, MRS filling stations, NNPCL retail outlets, and other marketers adjusted their pump prices, selling petrol for between ₦739 and ₦901 per litre in Abuja.