Lagos: The Nigerian National Petroleum Company Limited (NNPCL) has described the recent uptick in the price of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, as temporary. The company assured consumers across the country that the current situation is temporary, expressing confidence that the price of cooking gas will stabilise and return to normal levels in the coming days.
According to Voice of Nigeria, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited, NNPCL, Bashir Ojulari, gave the assurance in Lagos, while speaking to State House correspondents after an audience with President Bola Tinubu on Sunday in Lagos State, Nigeria. Ojulari explained that the price increase was a result of a brief strike that delayed movement and loading for about two to three days, causing a temporary surge in prices.
Ojulari noted that the disruption caused by the strike led to a substantial loss of output, with more than 200,000 barrels per day (bpd) of crude oil production deferred. He highlighted that gas production was also affected, leading to disruptions in power generation amounting to about 1.2 megawatts. Ojulari expressed relief that the Federal Government, through the leadership of the Minister of Labour and the full support of the National Security Adviser, facilitated a dialogue that led to an agreed communique, which has helped restore production levels.
Speaking further on the company’s progress, Ojulari updated the President on NNPCL’s performance, particularly regarding production performance and investment attraction. He revealed that Nigeria achieved an average crude oil output of 1.68 million barrels per day (mbpd) in September, marking the country’s highest crude oil output in nearly five years. Gas production also reached a record level of over seven billion cubic feet per day (7BCF/d).
Ojulari expressed optimism about the future, stating that with the completion of major turnaround maintenance activities in August and September, production levels are expected to improve further. He conveyed confidence that by the end of the year, Nigeria’s oil output would reach at least 1.8 million barrels per day. Ojulari emphasized the importance of updating the President on NNPCL’s progress in terms of production performance and investment attraction, highlighting the company’s mandate to grow production to at least 2 million bpd by 2027 and up to 3 million bpd by 2030.