Labour Party’s 2023 presidential candidate, Peter Obi, has condemned the recent hike in petrol prices, labeling the move as "unfortunate and insensitive." Obi’s sharp criticism came after Nigerian National Petroleum Company Limited (NNPCL) stations in Abuja skyrocketed fuel prices from N897 to an astonishing N1,030 per litre, sending shockwaves across the country.
Obi took to his X.com account on Saturday to issue a damning statement titled “Reversing the Sudden Fuel Price Increase,” where he lambasted the government for its failure to prioritize the well-being of Nigerians. The former Anambra State governor expressed deep concern over the devastating impact of the fuel hike, especially as transportation costs in the Federal Capital Territory surged overnight.
"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 without providing any explanation. This is both unfortunate and insensitive," Obi stated.
He further criticized the Tinubu administration for what he called a lack of compassion and economic sensibility. "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," Obi said, questioning the role of regulatory agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Highlighting the confusion surrounding the regulatory framework, Obi pointed out that both NNPCL and the agencies fall under the supervision of the Federal Ministry of Petroleum Resources, with President Bola Tinubu serving as the substantive Minister of Petroleum. "Who, in this arrangement, is regulating who?" Obi asked, adding that the burden of reversing the draconian fuel price hike rests on the President’s shoulders.
Obi urged the President to act swiftly in the best interest of Nigerians, many of whom are struggling under severe economic hardship. He also slammed Tinubu for imposing such a drastic measure from the comfort of his 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," Obi declared.
The outcry comes amid growing dissatisfaction across the nation. Nigeria Labour Congress (NLC) President, Joe Ajaero, also condemned the price hike, questioning how a registered private company like NNPCL could dictate fuel prices for Nigerians. The Independent Petroleum Marketers Association of Nigeria (IPMAN) further threatened to halt operations nationwide, citing exorbitant prices. According to IPMAN, while Dangote Refinery sells petrol to NNPC at N898 per litre, NNPC is allegedly reselling it to independent marketers at N1,010 per litre in Lagos.
