The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mr. Bayo Ojulari, has explained that the recent increase in cooking gas price across the country was caused by the “temporary disruption of operations” during the strike by 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 stated that the industrial action halted loading and distribution for several days, resulting in an artificial price increase.
Ojulari stated that the price spike was a temporary effect of the disruption:“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.
“And because of that, you see that impact. As things return back to normal, it takes some time for distribution to be fully restored.”
Ojulari also accused some retailers of exploiting the temporary situation to inflate prices:“As you know, in Nigeria, people take opportunity. With that delay, some of the people that had existing resources and reserves had to put up the price,” he said.
The NNPC GCEO assured Nigerians that as supply chains stabilize, the price of cooking gas is expected to ease in the coming weeks.
“My expectation is that now that things are back to normal, prices should return to what they were before the strike,” he said.
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