Peter Obi, the presidential candidate of the Labour Party in the 2023 election, has denounced the recent spike in petrol prices and urged the Federal Government to reverse the abrupt hike.
Obi’s remarks follow the announcement by the Nigerian National Petroleum Company Limited (NNPCL) of a 1,030 per litre rise in the price of fuel.
The most recent price hike is the second in as many months; in September, prices rose from ₦615 to ₦897.
In a post on his X handle on Saturday morning, Obi described the fuel price hike as “unfortunate and insensitive.” He urged President Bola Tinubu, who also serves as Minister of Petroleum, to provide a full explanation, offer alternative options, and reverse the price hike.
“This is neither how an economy’s resources should be managed nor how a nation should be governed. In this new measure, there is neither sound economics nor necessary compassion,” Obi stated.
His statement reads: “As Nigerians continue to groan under extremely difficult economic conditions, largely caused by the Federal Government’s wrong policy choices, the NNPCL has once again raised the price of fuel (PMS) without providing any explanation.
“This is both unfortunate and insensitive, considering the wide-ranging negative consequences for our economic survival and well-being.
“This is neither how an economy’s resources should be managed nor how a nation should be governed. In this new measure, there is neither sound economics nor necessary compassion.
“We are told that the NNPCL is now a limited liability company, regulated by agencies such as the NUPRC and NMDPRA, yet there seems to be growing confusion about the roles and responsibilities of the NNPCL and these regulating bodies.
“Interestingly, both the NNPCL and the regulatory agencies are supposed to be under the supervision of the Federal Ministry of Petroleum Resources, with the President of the Federal Republic of Nigeria serving as the substantive Minister. Who, in this arrangement, is regulating who?
“With the unprecedented but avoidable hardship that Nigerians are enduring, the responsibility for providing a full explanation, offering alternative options, and most importantly, reversing the sudden price hike falls squarely on the Honorable Minister of Petroleum Resources/President of the Federal Republic of Nigeria.
“We hope and pray that he acts in the best interest of the majority of Nigerians, who are living under unnecessarily precarious conditions, and that he does so before his return from his working vacation.
“To casually inflict such a draconian measure on the populace from the comfort of an annual vacation amounts to taking the people’s welfare lightly and for granted.
“A New and more compassionate Nigeria is indeed Possible!”