Peter Obi reacts to fuel price hike

Peter Obi, the Labour Party’s presidential candidate in the 2023 election, has strongly criticized the recent fuel prices hike and called on the Federal Government to immediately reverse the increase.

The Nigerian National Petroleum Company Limited (NNPCL) recently raised the price of petrol from ₦897 to ₦1,030 per litre, marking the second fuel price hike in a month.

Obi, in a statement shared via his official X account on Saturday, described the price increase as “unfortunate and insensitive,” adding that it only adds to the hardships Nigerians are already facing due to the government’s poor policy decisions. He appealed to President Bola Tinubu, who also serves as the Minister of Petroleum Resources, to take immediate steps to address the issue by offering alternatives and reversing the fuel price hike.

“This is neither how an economy’s resources should be managed nor how a nation should be governed,” Obi stated, emphasizing that the price increase lacks economic justification and compassion for Nigerians who are grappling with severe economic challenges.

Obi questioned the roles of the regulatory agencies meant to oversee NNPCL’s operations, expressing concern over the growing confusion regarding their responsibilities. He noted that while the NNPCL is now a limited liability company under the supervision of agencies like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), there appears to be a disconnect in their regulatory functions.

“With both the NNPCL and the regulatory agencies under the oversight of the Federal Ministry of Petroleum Resources, and with the President serving as the substantive Minister, the question arises: who exactly is regulating whom in this setup?” Obi asked.

He further stressed that with the unprecedented hardships facing Nigerians, the government owes the public a thorough explanation and immediate action. Obi urged President Tinubu to prioritize the welfare of the populace, reverse the hike, and act swiftly before returning from his working vacation.

“To impose such a drastic measure on the people from the comfort of a vacation shows a disregard for their welfare,” Obi said, concluding that a more compassionate approach to governance is urgently needed. He expressed hope that the President would act in the best interest of Nigerians before the economic situation worsens further.

“A New and more compassionate Nigeria is indeed Possible!” Obi added in his closing remarks.

https://x.com/PeterObi/status/1844989603129835871?t=C6iloOr1SETiKR-o-WtbhQ&s=19