Former Labour Party presidential candidate Peter Obi has expressed his disapproval of the recent increase in fuel prices, urging the Federal Government to reconsider and reverse this abrupt rise.
In a statement posted on his X account on Saturday morning, Obi, who previously served as the Governor of Anambra State, voiced his concerns following the Nigerian National Petroleum Company Limited’s (NNPCL) decision to raise petrol prices by 14.8%, elevating the cost from ₦897 to ₦1,030 per litre.
This increase represents the second adjustment in fuel prices within a month, following a prior hike in September that saw prices escalate from ₦615 to ₦897 per litre.
Obi characterized the latest price surge as regrettable and lacking sensitivity to the public’s plight.
He urged President Bola Tinubu, who also holds the position of Minister of Petroleum, to provide a comprehensive explanation, explore alternative solutions, and, most critically, reverse the sudden price increase.
Peter 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. In this new measure, there is neither sound economics nor necessary compassion.
“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 Honorable 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.
“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!”