Peter Obi slams NNPCL’s fuel price increase, calls for immediate reversal

Former Labour Party (LP) presidential candidate, Peter Obi, has strongly criticized the recent fuel price hike and urged the Federal Government to reverse the decision.

In a post on his X account on Saturday, the former Anambra State Governor expressed his disapproval of the increase, calling it “unfortunate and insensitive.”

IDOMA VOICE had earlier reported that the Nigerian National Petroleum Company Limited (NNPCL) announced a 14.8% increase in the price of petrol, raising it to ₦1,030 per litre from ₦897. This marks the second price hike in just over a month, following a September increase from ₦615 to ₦897 per litre.

Reacting to the development, Peter Obi stated that the price hike exacerbates the already difficult economic conditions caused by poor government policy choices. He called on President Bola Tinubu, who also serves as the Minister of Petroleum, to provide a full explanation, offer alternatives, and reverse the sudden increase.

In his statement, Obi wrote: “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. This is neither how an economy’s resources should be managed nor how a nation should be governed.

“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 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 Honorable Minister of Petroleum Resources/President of Nigeria.

“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.”

Peter Obi’s statement underscores the growing dissatisfaction among Nigerians regarding the repeated fuel price hikes and their impact on daily life.