Former presidential candidate of the Labour Party, Peter Obi, has criticised the recent increase in the price of Premium Motor Spirit (PMS), calling it “unfortunate and insensitive.”
Obi urged the Federal Government to reverse the hike, stressing that the move would exacerbate the already challenging economic situation faced by Nigerians.
In a post titled ‘Reversing the Sudden Fuel Price Increase,’ published on his official X handle, Obi attributed the economic hardship to the government’s policy decisions.
He described the increase in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL) as a misstep.
“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,” Obi wrote.
“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.”
NNPCL recently adjusted petrol prices at its retail outlets, with prices in Lagos rising from ₦855 to ₦998 per litre. In Abuja, the price surged from ₦897 to ₦1,030. Other independent stations reportedly sell the product for as much as ₦1,050 in some parts of Lagos.
Obi raised concerns about the lack of clarity in the roles of regulatory agencies overseeing the oil sector, stating:
“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 ‘Honourable 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.”
Obi further criticised the timing of the hike, stating: “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! –PO.”
The fuel price adjustment has sparked widespread discontent, with citizens expressing concerns about the rising cost of living and the impact on transportation and food prices.
