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Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), has blamed the recent increase in the cost of cooking gas, or liquefied petroleum gas (LPG), on the Petroleum and Natural Gas Senior Staff Association of Nigeria’s (PENGASSAN) industrial action.
Speaking to State House media on Sunday after meeting with President Bola Tinubu, Ojulari reportedly said that the strike had caused a fictitious price spike by interfering with loading and distribution for a number of days.
However, Ojulari reassured Nigerians that once things return to normal, the spike will soon subside.
Because loading and movements were delayed by two or three days during the strike, he claimed, “the increase you saw was relatively artificial.” You can observe that impact as a result. It takes some time for distribution to fully recover as things settle back to normal.
Additionally, he charged that certain retailers were exploiting the disturbance.
“As you are aware, people in Nigeria seize opportunities,” Ojulari added. Some of the people who already had reserves and resources had to pay the price for such delay. I anticipate that prices will revert to their pre-strike levels now that things are back to normal.
It was understood that the raise came after PENGASSAN’s walkout against the Dangote Refinery’s termination of Nigerian employees. On October 1, the federal government intervened to halt the action, which had halted operations across the country.
Later, the Dangote Group consented to redeploy the impacted employees, which made it possible for regular business activities to resume.
