NNPCL: How PMS price slash will benefit energy consumers in economy

*Engr. Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, highlights how the state oil company’s recent reduction in the price of the Premium Motor Spirit, also known as petrol, will benefit consumers in the Nigerian economy

Isola Moses | ConsumerConnect

Amid the ongoing price competition among oil producers and marketers in the West African country, the Nigerian National Petroleum Company (NNPC) Limited has said the recent reduction in the price of the Premium Motor Spirit (PMS), also known as petrol, will be to consumers’ benefit.

ConsumerConnect reports Engr. Bayo Ojulari, Group Chief Executive Officer (GCEO) of NNPC Limited, stated this in regard to the recent price slash by the state oil company, following the publication of the NNPC financial report for November 2025.

The NNPCL lately announced a reduction in the pump price petrol to below N800 per litre.

The GCEO of NNPCL also reassured Nigerians that the ongoing price competition between Dangote Petroleum Refinery, NNPCL, and fuel marketers in the downstream petroleum sector would ultimately, benefit consumers.

He further described the current market tensions as a natural consequence of Nigeria’s transition from total import dependence to domestic refining.

Ojulari equally stressed that the National Oil Company (NOC) is no longer responsible for petroleum product pricing or regulation under the country’s Petroleum Industry Act (PIA).

Insight into strategic gas monetisation

In a related development, the GCEO of NNPCL said besides crude output as contained in the NNPC financial report for November 2025, Nigeria’s gas production remained comparatively stable throughout the past year.

According to the financial report, November output of 6,968mmscf/d was broadly in line with October’s 6,997mmscf/d, following a rebound from a sharp dip to 6,284mmscf/d in September.

Earlier in the year, gas production peaked at 7,722mmscf/d in July before moderating in the third quarter.

The report indicated that Gas sales, on a two-month lag basis, stood at 4,650mmscf/d in November, slightly lower than the 4,713mmscf/d recorded in October, but significantly higher than September’s 3,443mmscf/d.

The sustained gas performance reinforced NNPC’s strategic push to deepen gas monetisation as Nigeria positions itself as a regional gas hub and transitions to a lower-carbon energy mix.

It also showed that upstream pipeline availability reached 100 percent November last year, and this is said to be an improvement that helped to stabilise production and evacuation during the period.

On the downstream front, PMS availability across NNPC Retail Limited stations stood at 61 percent.

Whereas the company’s nationwide wetness map indicated moderate to high fuel availability across most states, easing off supply concerns that had flared intermittently earlier in the year, according to the report.

The NNPCL noted the significant progress recorded on key gas infrastructure projects during the month.

The Ajaokuta–Kaduna–Kano gas pipeline achieved completion of its mainline welding and pressure testing and is now on track for completion in 2026.

Similarly, work progressed on the Obiafu-Obrikom-Oben gas pipeline, with geotechnical data acquisition completed at the River Niger crossing and early construction works underway ahead of drilling.

Meanwhile, the NNPC Limited has said it is intensifying collaboration with its joint venture and production-sharing contract partners to complete scheduled turnaround maintenance across facilities and position assets for stronger output in 2026.

NNPCL posts N502bn Profit After Tax

The Nigerian National Petroleum Company Limited has announced a Profit After Tax (PAT) of N502 billion for November 2025.

The report indicated that state oil company sustained its profitability streak despite a decline in crude oil and condensate production during the month.

Figures from the NNPCL Monthly Financial and Operations Report for November 2025, released last week, showed that the national oil company generated N4.36 trillion in revenue during the month, reflecting a marginal increase compared with October.

The improved performance was attributed to stronger gas output, full pipeline availability, and steady domestic fuel supply, which helped offset challenges in crude oil production.

Kindly Share This Story