Former Labour Party presidential candidate Peter Obi has voiced strong opposition to the recent surge in fuel prices, calling on the Federal Government to reconsider and reverse the abrupt hike. Obi’s statement, shared on his X account on Saturday morning, followed the Nigerian National Petroleum Company Limited’s (NNPCL) decision to increase petrol prices by 14.8%, raising the cost from ₦897 to ₦1,030 per litre.
This latest adjustment marks the second fuel price increase within a month, following a previous hike in September that escalated prices from ₦615 to ₦897 per litre. Obi characterized the recent price surge as regrettable and insensitive to the hardships faced by the public.
In his remarks, Obi urged President Bola Tinubu, who also serves as the Minister of Petroleum, to provide a thorough explanation for the increase, explore alternative solutions, and, most importantly, reverse the sudden price rise. His call reflects growing concerns among Nigerians regarding the impact of fuel price hikes on everyday life and the economy.
Peter 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, 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!”
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