By Charles Pemu 
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has issued a definitive assurance to the Nigerian public that the intensifying price competition within the downstream petroleum sector represents a transformative victory for the domestic consumer.
Addressing newsmen following a strategic briefing with President Bola Tinubu in Lagos on Sunday, Ojulari characterized the prevailing market volatility as an essential evolutionary phase in Nigeria’s historic transition from a state of absolute import dependency to a self-sustaining domestic refining hub.
He maintained that while the shift has introduced temporary systemic tensions, the ultimate equilibrium will favor the public through significantly reduced energy costs and enhanced product availability.
This optimistic outlook is underpinned by a dramatic recalibration of petrol prices which have receded from peaks exceeding 1,200 Naira per litre in late 2024 to as low as 739 Naira per litre at various retail outlets in December 2025.
This downward trajectory is primarily attributed to the aggressive market entry of the Dangote Refinery and the subsequent price war among NNPCL retail stations and independent marketers.
According to Ojulari, the emergence of a “willing buyer, willing seller” environment is a direct fulfillment of the Petroleum Industry Act, which was designed to foster a transparent and competitive energy landscape by decoupling regulatory roles from commercial operations.
Under the governance of the Petroleum Industry Act, the NNPCL has fully migrated to a commercial model, operating independently of federation allocations and price-setting mandates.
Ojulari clarified that the company now functions as a commercial entity that must raise its own capital and compete profitably on an equal footing with private sector players. Regulatory oversight for the midstream and downstream sectors has been formally ceded to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, while the Nigerian Upstream Petroleum Regulatory Commission manages upstream activities.
This structural separation ensures that the NNPCL focuses exclusively on maximizing production and operational efficiency rather than market regulation.
In addition to the downstream gains, the NNPCL has reported significant progress in national energy infrastructure, including the successful completion of the main line welding for the 614-kilometre Ajaokuta-Kaduna-Kano gas pipeline.
This milestone, which includes the critical crossing of the River Niger, paves the way for a massive industrial expansion in Northern Nigeria by early 2026. Coupled with an increase in national oil production to 1.7 million barrels per day, the NNPCL leadership remains confident that the ongoing fiscal and structural reforms will attract over 30 billion Dollars in new investments by the end of the decade, effectively securing Nigeria’s position as a dominant energy force in the West African sub-region.