Nigerian National Petroleum Company Limited (NNPC) Group Chief Executive, Bayo Ojulari, says the recent hike in cooking gas prices was caused by a temporary disruption during the strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Speaking to journalists at the State House on Sunday after meeting with President Bola Tinubu, Ojulari explained that the industrial action halted loading and distribution for a few days, creating what he called an “artificial spike” in prices.
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“The increase you saw was relatively artificial because for the period of the strike, movements and loading were delayed by about two, three days,” he said. “As things return to normal, it takes some time for distribution to be fully restored.”
The strike, launched over the sacking of Nigerian workers at the Dangote Refinery, was suspended on October 1 following government intervention. However, the brief stoppage affected supply across several states.
Ojulari also blamed opportunistic retailers for inflating prices during the shortage, saying many took advantage of the situation. “With that delay, some people who already had reserves increased prices. But now that operations have resumed, we expect the market to stabilize soon,” he added.
He assured Nigerians that with supply chains gradually getting back on track and the Dangote Group redeploying affected workers, gas prices should normalize in the coming weeks.