Peter Obi, the 2023 Labour Party presidential candidate, has condemned the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL), describing it as “unfortunate and insensitive”.
The price increase, which saw petrol prices rise to N1,030 from N897 per litre, has caused transportation costs to skyrocket not just in the Federal Capital Territory, but the whole Nigeria.
In a statement titled “Reversing the Sudden Fuel Price Increase” on his X account, Obi expressed concern over the negative consequences of the price hike on Nigerian economic survival and well-being.
He emphasized that reversing the hike relies on the Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, and President Bola Tinubu.
Obi stated, “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, considering the wide-ranging negative consequences for our economic survival and well-being.”
He questioned the regulatory framework, highlighting confusion surrounding the roles of NNPCL and regulatory agencies like NUPRC and NMDPRA.
“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.”
Obi urged President Tinubu to provide a full explanation, offer alternative options, and reverse the price hike, emphasizing that Nigerians are living under precarious conditions.
The Nigeria Labour Congress and Independent Petroleum Marketers Association of Nigeria have also criticized the price hike, with IPMAN revealing that NNPC sells petrol to independent marketers at N1,010/litre, despite purchasing it at N898/litre from Dangote Petroleum Refinery.
Obi’s statement concluded, “We hope and pray that he acts in the best interest of the majority of Nigerians… A new and more compassionate Nigeria is indeed Possible.”
