The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Bayo Ojulari, has attributed the recent increase in cooking gas prices to temporary disruptions caused by the industrial action of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Ojulari disclosed this to State House correspondents on Sunday after a meeting with President Bola Tinubu at the Presidential Villa, Abuja.
He explained that the strike, which halted operations and loading activities for several days, created what he described as an “artificial” price spike in the Liquefied Petroleum Gas (LPG) market.
“The increase you saw was relatively artificial because, during the period of the strike, movement and loading were delayed by about two or three days,” Ojulari said. “Because of that, you see that impact. As things return to normal, it takes some time for distribution to be fully restored.”
Background: Strike Over Dangote Refinery Sackings
The PENGASSAN strike was launched following the alleged dismissal of Nigerian workers at the Dangote Refinery. The industrial action disrupted petroleum product distribution nationwide before it was suspended on October 1 after federal government intervention.
According to Ojulari, the strike’s temporary effect on supply logistics triggered opportunistic price hikes across the retail market.
“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 explained.
Retailers Accused of Exploiting Supply Gap
Ojulari accused certain retailers of exploiting the shortfall to increase cooking gas prices beyond reasonable levels, worsening the burden on consumers.
He assured Nigerians that prices would stabilise as operations resume and distribution channels fully recover.
“My expectation is that now that things are back to normal, prices should return to what they were before the strike,” the NNPC boss said.
Supply Normalisation Underway
Ojulari noted that the resolution reached between the Dangote Group and PENGASSAN, which includes the redeployment of affected staff, has allowed operations to resume smoothly and eased supply bottlenecks.
He added that the NNPC remains committed to ensuring steady gas supply and price stability across the country.
Context
Cooking gas prices have fluctuated in recent months amid rising demand, supply challenges, and foreign exchange volatility. Industry analysts say any sustained improvement will depend on consistent supply and better regulation of retail pricing.
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