Peter Obi, the Labour Party’s presidential candidate in the 2023 election, has strongly criticized the recent fuel price hike and called on the Federal Government to reverse it.
The Nigerian National Petroleum Company Limited (NNPCL) increased the price of petrol from ₦897 to ₦1,030 per litre, marking the second price rise within a month. Earlier in September, prices had already gone up from ₦615 to ₦897.
In a post on his X account on Saturday morning, Obi expressed concern, labeling the price hike as “unfortunate and insensitive.” He urged President Bola Tinubu, who also holds the position of Minister of Petroleum, to fully explain the increase, offer alternative options, and reverse the decision.
Obi’s statement read: “As Nigerians continue to suffer under tough economic conditions, mostly caused by poor government policy choices, the NNPCL has again raised the price of fuel without any explanation. This is both unfortunate and insensitive, given the negative effects on our economy and people’s well-being.
“This is not the way to manage a country’s resources or govern a nation. There is neither sound economics nor compassion in this move. While the NNPCL is now a limited liability company regulated by agencies like the NUPRC and NMDPRA, confusion remains about who is responsible for what. Both the NNPCL and these regulatory bodies are supposed to be supervised by the Ministry of Petroleum, with the President as the Minister. So, who is regulating whom?
“With the unnecessary hardship Nigerians are facing, it is the responsibility of the Honorable Minister of Petroleum/President to provide a full explanation, offer alternatives, and reverse the price hike. We hope he acts in the interest of the suffering Nigerians before he returns from his working vacation.
“To impose such a harsh measure from the comfort of an annual vacation shows disregard for the people’s welfare. A new and more compassionate Nigeria is indeed possible!”