Peter Obi, the 2023 presidential candidate of the Labour Party (LP), has called on President Bola Ahmed Tinubu to immediately reverse the recent increase in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL). Obi described the move as both insensitive and unfortunate, warning that it will have serious repercussions for the nation’s economy.
In a post on X (formerly Twitter) on Saturday, Obi criticized the timing and rationale behind the hike, pointing out that Nigerians are already struggling under severe economic hardship caused by poor policy decisions of the Federal Government.
He stated:
“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.”
Obi argued that the decision demonstrates a lack of sound economic management and compassion for the suffering population. He noted that such measures would only aggravate the hardship faced by citizens and questioned the oversight mechanism for the NNPCL.
“We are told that the NNPCL is now a limited liability company, regulated by agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Yet, there seems to be growing confusion about the roles and responsibilities of the NNPCL and these regulatory bodies,” he wrote.
The former governor of Anambra State further highlighted that the NNPCL and the regulatory bodies operate under the supervision of the Ministry of Petroleum Resources, with the President of Nigeria serving as the Minister. He questioned the regulatory clarity, asking:
“Who, in this arrangement, is regulating who?”
Obi emphasized that the onus lies on the President, in his capacity as the Minister of Petroleum Resources, to provide clear explanations, offer alternative solutions, and, more importantly, reverse the fuel price hike.
“With the unprecedented but avoidable hardship that Nigerians are enduring, the responsibility for providing a full explanation, offering alternative options, and reversing the sudden price hike falls squarely on the Honorable Minister of Petroleum Resources/President of the Federal Republic of Nigeria,” Obi concluded.
His statement reflects growing public frustration over the government’s handling of economic policies and the impact of rising fuel prices on the cost of living.
