LABOUR Party’s presidential candidate in the 2023 general election, Peter Obi has condemned the recent increase in price of fuel, describing the situation as unfortunate and insensitive.

In a post he shared on his official X account on Saturday, October 12 titled, “Reversing the sudden fuel price increase”, Obi attributed the harsh economic conditions faced by Nigerians to the wrong policies of the federal government.

According to him, it is not the right way to manage a country’s resources and also not an ideal way to govern a nation.

“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 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,” he stated.

Obi’s commentd follows the recent hike in the price of petrol by theNigerian National Petroleum Company Limited (NNPCL)across its retail outlets.

The ICIR reports that on October 8, the NNPCL raised the price of petrol from N855 to N998 in Lagos and N1,003 in Abuja, noting that the price could be higher in Sokoto and Borno states.

The new development resulted from the anticipated total deregulation of the sector, which removes the NNPCL as the middleman and permits independent marketers to purchase the product directly from the Dangote refinery.

Obi in his statement noted that despite NNPCL now being a limited liability company and regulated by agencies such as the NUPRC and NMDPRA, there seems to be growing confusion about the roles and responsibilities of the NNPCL and the regulating bodies.

He added that reversing the sudden price hike is the duty of the petroleum minister and president of the country, urging them to act in the interest of the masses.

“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,” he added.

The issue of the hike in price of fuel which has also sparked widespread concerns over its impact on the cost of living, the Nigerian Bar Association (NBA) condemned the increase while urging the Federal Government to prioritise the well-being of Nigerians.

According to the association, this sharp rise would only deepen the economic hardships faced by Nigerians, especially those struggling to make ends meet.

They also expressed frustration over the lack of transparency in the government’s decision-making, highlighting that such policies had been implemented without meaningful consultation with stakeholders, including civil society and the private sector.