The Labour Party’s 2023 presidential candidate, Peter Obi, has condemned the recent hike in petrol prices by the Nigerian National Petroleum Company Limited, labeling the move as “unfortunate and insensitive.”
Obi voiced his concerns in a statement shared on his X account on Saturday, urging the federal government to reverse the increase.
Obi’s criticism follows reports that NNPCL stations in Abuja raised the retail price of petrol from N897 to N1,030 per litre on Wednesday, marking a 14.8% or N133 increase.
The new price hike, the second in one month, has led to a sharp rise in transportation costs across the Federal Capital Territory.
“This is both unfortunate and insensitive, considering the wide-ranging negative consequences for our economic survival and well-being,” Obi said in the statement.
He also noted that the price increase is indicative of poor economic management and a lack of empathy for the hardships Nigerians are currently enduring.
He further questioned the lack of clarity surrounding the roles of regulatory agencies such as the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which oversee the NNPCL.
“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 serving as the substantive minister. Who, in this arrangement, is regulating who?” Obi asked.
He placed the responsibility for addressing the situation on the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and President Bola Tinubu, urging them to act swiftly.
Obi added, “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.”
Labour unions and industry groups have also raised concerns over the price hike. The Nigeria Labour Congress President, Joe Ajaero, condemned the increase, while the Independent Petroleum Marketers Association of Nigeria threatened to suspend operations due to the high cost of petrol being sold to independent marketers.
The latest fuel price increase has sparked widespread dissatisfaction, adding pressure on the government to address the economic impact on Nigerians struggling with already difficult conditions.
