Former Labour Party presidential candidate, Peter Obi, has criticized the recent fuel price increase, describing it as “unfortunate and insensitive”.
Recall that the Nigerian National Petroleum Company Limited raised petrol prices by 14.8% to ₦1,030 per litre.
This marks the second fuel price hike in a month, following a previous increase in September from ₦615 to ₦897 per litre.
Taking to X on Saturday, Obi expressed concerns about the government’s policies exacerbating economic difficulties for Nigerians.
As Minister of Petroleum, President Bola Tinubu has been urged to provide a full explanation, offer alternative options, and reverse the price hike. Obi questioned the regulatory framework surrounding NNPCL, highlighting confusion about the roles of regulatory agencies.
The former Anambra State governor emphasized that President Tinubu bears responsibility for addressing the hardship caused by the price hike. Obi’s criticism echoes widespread concerns about the impact of fuel price increases on Nigeria’s economy and citizens.
The NNPCL’s decision has sparked debate about the government’s management of economic resources and its compassion for the Nigerian people. Many Nigerians are struggling to cope with the rising cost of living, and the fuel price hike is expected to worsen economic conditions.
Obi’s call for reversal comes as Nigerians await President Tinubu’s response to the growing economic concerns. The fuel price hike has become a contentious issue, with many calling for urgent action to mitigate its effects.
Obi wrote: “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,c 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!”
