Peter Obi, the Labour Party’s presidential candidate from the 2023 elections, has labeled the recent surge in petrol prices as “unfortunate and insensitive.” This remark was made through a statement on his X.com account, titled “Reversing the Sudden Fuel Price Increase,” on Saturday.

Reports indicate that following a price hike by various Nigerian National Petroleum Company Limited (NNPCL) stations in Abuja, transportation costs in the Federal Capital Territory have soared. The price of petrol was raised from N897 to N1,030 per litre on Wednesday, marking the second increase within a month and resulting in a notable 14.8 percent rise, equating to an additional N133.

Obi emphasized that this price increase poses serious implications for the economic stability and well-being of Nigerians. He urged the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, and President Bola Tinubu to intervene and reverse this sudden hike.

In his statement, Obi expressed concern about the hardships Nigerians face due to poor policy decisions by the Federal Government. “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 without providing any explanation. This is both unfortunate and insensitive, considering the wide-ranging negative consequences for our economic survival and well-being.”

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Obi further criticized the current management of the NNPCL, questioning the role of regulatory agencies like the NUPRC and NMDPRA. “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. 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 highlighted the contradiction within the regulatory framework, emphasizing that both the NNPCL and regulatory agencies should operate under the supervision of the Federal Ministry of Petroleum Resources. Obi stressed that the responsibility to explain the situation, present alternatives, and reverse the price hike lies with the Minister of Petroleum Resources and the President.

Obi concluded by expressing hope that the leadership would prioritize the welfare of Nigerians facing increasing difficulties, urging prompt action. “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.”

Following the price increase, Joe Ajaero, President of the Nigeria Labour Congress, condemned the NNPC’s decision, asserting that a registered private company should not dictate fuel prices for the populace. Additionally, the Independent Petroleum Marketers Association of Nigeria (IPMAN) threatened to halt operations nationwide in response to the rising costs of Premium Motor Spirit, commonly referred to as petrol. IPMAN revealed that while the Dangote Petroleum Refinery supplies petrol to the NNPC at around N898 per litre, the NNPC sells it to independent marketers at N1,010 per litre in Lagos.