The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited Bayo Ojulari has broken his silence on the ongoing price war in the petroleum sector, offering insights into its causes and what lies ahead for Nigeria energy market. His remarks come amid intense competition between major players including the Dangote Petroleum Refinery which has reshaped the downstream oil landscape.
Ojulari explained that the recent price fluctuations are a result of market forces adjusting to new supply dynamics following increased local refining capacity. He acknowledged that the entry of the Dangote Refinery has introduced competition that is forcing operators to reassess pricing strategies while improving efficiency.
According to him the price war is not necessarily a negative development but rather an indication of a transitioning market moving toward greater self sufficiency. He emphasized that competition if properly regulated can benefit consumers by reducing costs improving fuel availability and limiting dependence on imported petroleum products.
Ojulari also addressed concerns that the Dangote Refinery could dominate the market. He stated that NNPCL views the refinery as a strategic national asset rather than a rival, noting that collaboration rather than confrontation would ultimately strengthen Nigeria energy security. He stressed that NNPCL remains committed to fair competition transparency and market stability.
Looking ahead Ojulari said the petroleum market would gradually stabilize as pricing structures align with production realities distribution costs and regulatory oversight. He assured Nigerians that government agencies are monitoring developments closely to prevent monopolistic practices and protect consumers.
Industry analysts have described his comments as an attempt to reassure the public amid widespread anxiety over fuel prices. Many Nigerians have struggled with rising transportation and living costs making fuel pricing a sensitive national issue.
Ojulari concluded by stating that Nigeria petroleum future depends on sustained investment policy consistency and cooperation between public and private sector players. He added that with the right balance Nigeria could become a net exporter of refined petroleum products within the region.
