Peter Obi Condemns Fresh Petrol Price Hike, Calls It ‘Unfortunate and Insensitive

Peter Obi criticizes the recent petrol price hike, describing the move as ‘unfortunate and insensitive,’ and expresses concern over the growing economic hardship faced by Nigerians.

Peter Obi, a politician and presidential candidate for the Labour Party in the 2023 general election, has labeled the recent rise in Premium Motor Spirit (PMS) prices as “unfortunate and insensitive.” He is calling on the Federal Government to roll back this increase.

In an extensive post titled “Reversing the Sudden Fuel Price Increase” on his official X account, Obi stated that Nigerians are suffering under extremely challenging economic conditions, primarily caused by the federal government.

He hinted at poor policy decisions, noting that the national oil company NNPCL’s decision to raise PMS prices was misguided.

Amid the challenging economic conditions faced by Nigerians, primarily due to questionable policy decisions by the Federal Government, NNPCL has once more increased fuel (PMS) prices without offering any justification.

This is unfortunate and insensitive, given the broad negative impact on our economic survival and well-being.

This is not the way an economy’s resources should be managed, nor how a nation should be governed. This new measure lacks both sound economic principles and essential compassion.

The NNPCL has reportedly become a limited liability company, overseen by agencies like the NUPRC and NMDPRA. However, confusion appears to be increasing regarding the roles and responsibilities of both the NNPCL and these regulatory bodies.

Interestingly, the NNPCL and the regulatory agencies are meant to be overseen by the Federal Ministry of Petroleum Resources. The President of Nigeria holds the position of substantive Minister for this ministry.

In this arrangement, who is overseeing whom? Amid the unprecedented yet preventable hardships facing Nigerians, it is imperative that the Honorable Minister of Petroleum Resources and President of the Federal Republic of Nigeria take full responsibility. This includes providing a comprehensive explanation, suggesting alternative solutions, and most crucially reversing the abrupt price increase. Our hope is that he prioritizes acting in favor of majority’s well-being—those enduring needless precariousness—and does so before his working vacation concludes.

Imposing such a severe measure on the public while relaxing during an annual vacation demonstrates a disregard for the people’s welfare. A new and more compassionate Nigeria is truly within reach!

Obi’s outburst follows NNPCL’s latest adjustment of the petrol pump prices at its retail outlets in Lagos and Abuja.

In Lagos, NNPCL outlets increased the petrol price from ₦855 to ₦998 per litre. Meanwhile, in Abuja, prices rose from ₦897 to ₦1,030. Elsewhere in Lagos State at other filling stations, petrol prices reached as high as ₦1,050 per litre.