The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, has attributed the recent increase in the price of liquefied petroleum gas (LPG), commonly known as cooking gas, to the temporary disruption caused by the recent strike action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Speaking with journalists on Sunday after visiting President Bola Tinubu, Ojulari explained that the strike led to short-term delays in product loading and distribution across the country, creating an artificial scarcity.
“The increase you saw was relatively artificial because, during the strike, movement and loading were delayed for about two to three days,” he said. “That delay naturally impacted distribution, and as things gradually return to normal, it takes a little time for the system to stabilise.”
Ojulari further revealed that some marketers and retailers with existing stock took advantage of the situation by increasing prices, contributing to the overall surge.
“As you know, in Nigeria, people seize opportunities. With that delay, some of those who already had stock decided to raise prices,” he noted.
He, however, assured Nigerians that the situation is temporary and that prices are expected to drop soon as operations return to normal.
“My expectation is that now that things are back to normal, prices should return to what they were before the strike,” Ojulari stated confidently.
The NNPC chief reaffirmed the company’s commitment to ensuring stable supply and pricing of petroleum products across the country, assuring consumers that measures are in place to prevent future disruptions.
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