Peter Obi Condemns NNPCL’s Fuel Price Hike, Urges Immediate Reversal

Peter Obi, the 2023 presidential candidate of the Labour Party, has expressed strong disapproval of the recent increase in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL). He described the move as “unfortunate and insensitive,” calling on the Federal Government to reverse the hike.

Obi, in a detailed post titled Reversing the Sudden Fuel Price Increase, shared on his X handle, highlighted that Nigerians are already burdened by severe economic hardship, which he attributes to poor government policies.

Rivers LG Poll: We’ll Not Go To Court – Councillorship Candidates Declare

He argued that the NNPCL’s decision to raise the price of Premium Motor Spirit (PMS) without any clear explanation further worsens the situation.

Obi questioned the structure of regulation in the petroleum sector, pointing out that NNPCL, now a limited liability company, is regulated by bodies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). He expressed concern over the confusion regarding the roles and responsibilities of these entities, especially with President Bola Tinubu serving as both the substantive Minister of Petroleum Resources and the President of the country.

According to Obi, the current economic management lacks both sound strategy and compassion. He emphasized that the responsibility to reverse the fuel price hike lies with the Minister of Petroleum Resources, urging the President to act swiftly, especially before his return from his working vacation.

NNPCL recently adjusted the price of petrol in Lagos, raising it from ₦855 to ₦998 per litre, while in Abuja, it went up from ₦897 to ₦1,030. Prices in other areas, such as parts of Lagos State, have surged as high as ₦1,050 per litre.