The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mr. Bayo Ojulari, has attributed the recent spike in cooking gas prices to the temporary halt in operations caused by the strike action of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Speaking with State House correspondents on Sunday after visiting President Bola Tinubu at the Presidential Villa, Abuja, Ojulari said the industrial action disrupted loading and distribution for several days, creating an artificial price surge.
“The increase you saw was relatively artificial because during the strike, movement and loading were delayed by about two to three days,” he explained.
“As operations normalise, it will take a little time for distribution and pricing to stabilise.”
He also accused some retailers of exploiting the brief supply gap to inflate prices, noting that “some people with existing stock took advantage of the situation to raise prices.”
Ojulari assured Nigerians that cooking gas prices would gradually return to pre-strike levels as supply chains recover.
The strike, triggered by the dismissal of Nigerian workers at the Dangote Refinery, disrupted fuel and gas operations nationwide before it was suspended on October 1 following federal government intervention.
The Dangote Group later agreed to reinstate the affected workers, paving the way for normal operations and stabilisation of gas prices.
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