Former Anambra State governor, Peter Obi, has called for the reversal of the petrol price increase, describing the hike as both unfortunate and insensitive to the welfare of Nigerians.
In a series of posts on X (formerly Twitter) on Saturday, Obi stated that the sudden price increase only worsens the hardship faced by people already struggling with the high cost of living.
He also criticized the role of the national oil company, NNPC, which operates as a limited company while also playing a regulatory role alongside the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Obi questioned, “Who is regulating who?”
Obi urged the President to offer alternatives, provide an explanation for the price hike, and reverse it.
What Peter Obi Said
The statement from the presidential candidate of the Labour Party in the previous election read thus:
“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 (PMS) without providing any explanation.
“This is both unfortunate and insensitive, considering the wide-ranging negative consequences for our economic survival and well-being.
“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.
“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 of the Federal Republic of Nigeria serving as the substantive Minister. Who, in this arrangement, is regulating who?
“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.”
What you should know
Nairametrics previously reported that the Nigerian National Petroleum Corporation (NNPC) Limited has increased the price of petrol, with prices now reaching approximately N998 in Lagos and N1,030 in the capital, Abuja.
This marks the second price hike by NNPC in less than two months.
The latest increase follows reports that NNPCL plans to withdraw as an intermediary in the Dangote Refinery purchase deal, sparking concerns about possible future price hikes.
Fuel prices have been steadily rising due to the gradual removal of petrol subsidies, while the government continues to face challenges in regulating petrol supply to marketers and filling stations.