Labour Party’s presidential candidate in the 2023 general election, Peter Obi, has criticized the recent hike in the price of Premium Motor Spirit (PMS), calling the move “unfortunate and insensitive” and urging the Federal Government to reverse the decision.
In a detailed post titled Reversing the Sudden Fuel Price Increase, published on his official X (formerly Twitter) account, Obi expressed concern over the difficult economic conditions Nigerians are facing, which he attributed to poor policy decisions by the government.
He condemned the Nigerian National Petroleum Company Limited (NNPCL) for raising fuel prices, calling it a wrong move that worsens the country’s economic challenges.
Obi’s remarks follow NNPCL’s latest adjustment in petrol prices at its retail outlets in Lagos and Abuja.
In Lagos, the price per litre jumped from ₦855 to ₦998, while in Abuja, it surged from ₦897 to ₦1,030. Some filling stations in Lagos are reportedly selling as high as ₦1,050 per litre.
“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,” Obi said.
He added, “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.”
Obi also pointed to confusion surrounding the roles of regulatory bodies overseeing NNPCL, stating, “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.”
He further questioned the oversight of the petroleum sector, emphasizing that both NNPCL and its regulators are under the Federal Ministry of Petroleum Resources, headed by the President, who also serves as the substantive Minister. “Who, in this arrangement, is regulating who?” Obi asked.
In a direct appeal to the President, Obi urged him to reverse the price hike before returning from his working vacation. “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,’” he said.
“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,” Obi concluded.
