Ojulari said the industrial action halted loading and distribution for several days, creating an “artificial” spike in prices. He explained that as operations resume, supply is gradually stabilising and prices are expected to ease.

“The increase you saw was relatively artificial because movements and loading were delayed by about two or three days,” he said. “Now that things are back to normal, prices should return to what they were before the strike.”

Read Also: NNPC, NUPRC, NMDPRA Shut As PENGASSAN Begins Strike

He also accused some retailers of exploiting the shortfall to raise prices, adding that the redeployment of affected workers at the Dangote Refinery and the restoration of operations have begun to ease supply bottlenecks.

Source: Punch