The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, has attributed the recent hike in cooking gas prices to temporary distribution challenges caused by the recent strike action of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Speaking with State House correspondents on Sunday after a meeting with President Bola Tinubu, Ojulari explained that the industrial action disrupted loading and distribution for a few days, creating what he described as an “artificial” rise in prices.
“The surge in prices was largely artificial. During the strike, loading and movement of gas were delayed for about two to three days, which immediately reflected in market prices,” he said. “Now that operations have resumed, the system will gradually normalise as distribution stabilises.”
The PENGASSAN strike, which was sparked by the sacking of Nigerian workers at the Dangote Refinery, had grounded activities across the sector before being suspended on October 1 following federal government intervention.
Ojulari also accused some marketers of taking advantage of the situation to inflate prices, noting that the temporary scarcity created room for profiteering.
“In Nigeria, people often seize opportunities. Some marketers who had existing stock decided to increase prices during the supply gap,” he added.
He, however, expressed optimism that the cost of cooking gas will ease in the coming weeks as operations and supply chains fully return to normal.
Ojulari further disclosed that the Dangote Group has agreed to reinstate the affected workers, while the refinery’s resumption of activities has already started to ease pressure on the supply network.
“Now that all parties have resolved their differences and production is back on track, we expect prices to return to their pre-strike levels soon,” the NNPC boss assured.
