The Labour Party presidential candidate and former governor of Anambra State, Peter Obi, on Saturday urged President Bola Tinubu to reverse the recent increase in fuel prices, describing the decision by the Nigerian National Petroleum Company Limited (NNPCL) as “insensitive” and adding that it has further exacerbated the hardships faced by Nigerians.
Obi expressed disappointment with the sudden price hike, which came shortly after the NNPCL authorized oil marketers to begin lifting petroleum products from the Dangote Refinery, effectively ending its role as the sole off-taker of petrol from the facility.
In a statement posted on his verified X account, Obi lamented the impact of the government’s policy choices on the economy and citizens. He emphasized that Nigerians are already suffering from difficult economic conditions caused by misguided decisions of the Federal Government, and the recent fuel price hike has worsened the situation.
Peter Obi questioned the unclear roles of the NNPCL and regulatory agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), stating there is confusion over who is responsible for regulating fuel prices. He also pointed out that both NNPCL and these agencies fall under the Federal Ministry of Petroleum Resources, headed by President Tinubu, raising questions about accountability.
Obi called on the President, in his capacity as Minister of Petroleum Resources, to provide a clear explanation for the fuel price increase, offer alternative options to alleviate the economic burden, and most importantly, reverse the price hike.
He concluded by stating that this move lacks both economic soundness and compassion, and emphasized that the government must prioritize the well-being of its citizens during these difficult times.