Fuel Price War Will Benefit Nigerians – NNPCL

NNPCL

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has assured Nigerians that ongoing price competition in the downstream petroleum sector will ultimately benefit consumers. He recently had his say while speaking to journalists after briefing President Bola Tinubu in Lagos.

According to him, the current market tensions are a natural consequence of Nigeria’s transition from total import dependence to domestic refining, and Nigerians will have the last laugh.

Ojulari emphasised that the company is no longer responsible for petroleum product pricing or regulation under the Petroleum Industry Act.

His words, “Where there is healthy competition, the buyers are the ultimate beneficiaries. And I think for us, we need to keep our minds that the market will stabilise.

After a while, there’ll be some tension, because we’re going through a major transition.

At the end of the day, I can tell you that Nigerians on the street are going to be the beneficiaries.

The first thing you have to know is that the PIA did something fundamental. Before the PIA in 2021, which rolled in 2022, everything was under NNPC, including some regulations. The PIA divided the roles of regulation from what I will call the business.

The NMDPRA is responsible for all downstream regulation and midstream, as you know, and the NUPRC is responsible for all upstream regulations.

So it’s very important that Nigerians understand that post-PIA, we as NNPC are not regulators.”

WOW.