Peter Obi, the Labour Party’s 2023 presidential candidate, has strongly criticized the recent fuel price hike implemented by President Bola Tinubu’s administration through the Nigerian National Petroleum Company Limited (NNPCL).
The price of petrol has surged to N1,030 per litre in Abuja and N998 in Lagos, a move Obi condemned as burdensome for Nigerians already facing economic hardship.
In a statement shared via his social media, Obi highlighted the severe economic implications of this sudden hike, particularly amidst the ongoing hardships faced by Nigerians due to poor government policies.
Economic Impact of the Fuel Price Increase
Obi described the price increase as “unfortunate and insensitive,” emphasizing that it exacerbates the already challenging economic conditions for many citizens. He criticized the lack of transparency and compassion in how the government manages economic resources, stating that such measures do not reflect sound economic principles or effective governance.
He pointed out that while the NNPCL operates as a limited liability company under various regulatory bodies, there remains confusion regarding accountability and oversight. Obi questioned who is truly responsible for regulating these entities, given that they are all under the purview of the Federal Ministry of Petroleum Resources.
Call for Government Accountability
Obi urged the Honorable Minister of Petroleum Resources and President of Nigeria to take immediate action to reverse the price hike and provide a comprehensive explanation for this decision. He expressed concern that allowing such drastic measures to occur while in a position of comfort reflects a disregard for the welfare of ordinary Nigerians.
He concluded with a hopeful message: “A new and more compassionate Nigeria is indeed possible.” This statement underscores his commitment to advocating for policies that prioritize the needs and well-being of Nigerian citizens.
Broader Reactions to the Price Hike
The fuel price increase has drawn criticism from various sectors, including business associations like the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), which warned that rising fuel prices will lead to increased transportation costs and inflation, significantly impacting small and medium-sized enterprises (SMEs) across Nigeria. The Nigerian Bar Association also condemned the hike, calling it a “disturbing trend” that neglects public welfare.
In light of these developments, there is growing pressure on the government to address these economic challenges effectively and restore public trust.
