Peter Obi, former presidential candidate for the 2023 election under the Labour Party and ex-governor, has condemned the recent fuel price increase by the Nigerian National Petroleum Corporation Limited (NNPCL).
Obi expressed his discontent on X, stating that the hike worsens the already dire economic conditions faced by Nigerians due to the federal government’s poor policy choices.
Obi emphasized that the price increase lacks explanation and demonstrates insensitivity to the widespread negative consequences for economic survival and well-being. He argued that sound economics and compassion are absent in this decision, highlighting confusion surrounding the roles of the NNPCL and regulatory bodies like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
As the NNPCL is now a limited liability company, Obi questioned the oversight structure, noting that both the NNPCL and regulatory agencies fall under the Federal Ministry of Petroleum Resources, with the President serving as the substantive Minister. He demanded clarity on who regulates whom in this arrangement.
Obi urged the Honourable Minister of Petroleum Resources/President to provide a detailed explanation, offer alternative solutions, and reverse the price hike. He emphasized the President’s responsibility to act in the best interest of Nigerians, who face precarious conditions, and to address this issue before returning from his working vacation.
Obi criticized the timing of the price increase, implemented during the President’s annual vacation, as disregarding the welfare of Nigerians. He concluded with a message of hope, envisioning a more compassionate Nigeria.
