The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has attributed the recent increase in cooking gas prices throughout Nigeria to disruptions caused by the strike implemented by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
During a briefing with President Bola Tinubu, Ojulari characterized the price surge as "relatively artificial," resulting from temporary delays in supply and distribution. He explained that the industrial action had halted loading and distribution processes for several days, leading to a distortion in price.
“The increase observed was relatively artificial because the strike caused delays in movement and loading for approximately two to three days. Consequently, this had a significant impact. As operations return to normal, it will take some time for the distribution network to be fully restored,” he stated.
Furthermore, Ojulari criticized certain retailers for exploiting the temporary disruption in supply to inflate cooking gas prices. "In Nigeria, it is common for some individuals to take advantage of such situations. With the noted delays, those with existing resources and reserves were compelled to increase their prices," he asserted.
Ojulari assured the public that, as supply chains stabilize, cooking gas prices are anticipated to decrease in the forthcoming weeks. “I expect that now that operations have normalized, prices should revert to their prior levels preceding the strike,” he remarked.
The rise in cooking gas prices coincided with the industrial action taken by PENGASSAN in response to the dismissal of Nigerian workers at the Dangote Refinery.
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