Peter Obi, the 2023 Labour Party presidential candidate, called on President Bola Tinubu to reverse the recent surge in fuel prices. He condemned the increase by the Nigerian National Petroleum Company Limited (NNPCL), labeling it as insensitive and unfortunate.
In a post on X, Obi warned that this price hike would adversely affect Nigeria’s economic stability.
He stated, “As Nigerians continue to suffer under extremely challenging economic conditions, largely due to poor policy choices by the Federal Government, the NNPCL has once again raised fuel prices (PMS) without any explanation.
“This is both regrettable and callous, given the serious negative effects on our economic survival and well-being.
“This is not how resources should be managed in an economy, nor how a nation should be led. This decision lacks both sound economic rationale and necessary empathy.
“While we’re told that the NNPCL now operates as a limited liability company under the regulation of agencies like the NUPRC and NMDPRA, confusion remains regarding the roles of the NNPCL and these regulatory bodies.
“Interestingly, both the NNPCL and these agencies are supposed to fall under the Federal Ministry of Petroleum Resources, with the President serving as the Minister. Who exactly is overseeing whom in this setup?
“With the unprecedented hardships that Nigerians are currently facing, the onus is on the Honorable Minister of Petroleum Resources and the President to provide a clear explanation, present alternative solutions, and, most importantly, reverse this sudden price hike.
“We hope he acts in the best interests of the many Nigerians enduring unnecessary hardship before returning from his working vacation.
“To impose such a severe measure on the public while enjoying an annual vacation demonstrates a disregard for the people’s welfare. A New and more compassionate Nigeria is indeed possible! -PO”