Peter Obi slams the recent fuel price increase by President Tinubu’s administration, labeling it as an insensitive move that worsens the economic hardship faced by Nigerians.
Peter Obi, the Labour Party’s presidential candidate in the 2023 general election, has sharply criticized the recent increase in fuel prices, describing it as “unfortunate and insensitive.”
The Nigerian National Petroleum Company Limited (NNPCL) increased the retail price of petrol from N897 to N1,030 per litre, marking a 14.8% hike. This change has led to a sharp rise in transportation costs within the Federal Capital Territory.
In a statement titled “Reversing the Sudden Fuel Price Increase” on his X.com account, Obi emphasized on Saturday that this hike will have significant negative repercussions for Nigeria’s economic survival and the well-being of its citizens.
He called upon the Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, and President Bola Tinubu to assume responsibility by rolling back the price increase. He stressed the importance of providing an explanation, exploring alternative options, and showing compassion in this matter.
He stated that as Nigerians struggle with severe economic challenges, primarily due to poor policy decisions by the Federal Government, the NNPCL has once more increased fuel (PMS) prices without offering any justification.
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This is both regrettable and thoughtless, given the broad negative impacts on our economic survival and well-being.
This is not the way an economy’s resources should be handled, nor how a country should be governed. This new measure lacks both sound economic principles and essential compassion.
It has been stated that the NNPCL is now a limited liability company, overseen by agencies like the NUPRC and NMDPRA. However, there appears to be increasing confusion about the roles and responsibilities of both the NNPCL and these regulatory bodies.
Interestingly, both the NNPCL and the regulatory agencies are meant to be overseen by the Federal Ministry of Petroleum Resources, where the President of Nigeria acts as the substantive Minister. In this setup, who…
Who is being regulated?
Given the unprecedented yet avoidable difficulties facing Nigerians, it is imperative that the Honorable Minister of Petroleum Resources and President of the Federal Republic of Nigeria take full responsibility for explaining, providing alternative solutions, and most importantly reversing the abrupt price increase.
We hope and pray that he prioritizes the welfare of most Nigerians, who are enduring unnecessarily difficult conditions, before his return from his working vacation.
To impose such a harsh measure on the population while relaxing on an annual vacation is to treat people’s welfare with indifference and disregard.
