Peter Obi, on Saturday, condemned the recent fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL), describing it as “both unfortunate and insensitive” amidst the country’s economic struggles.

The Labour Party presidential candidate made this assertion via a press statement titled, “Reversing the Sudden Fuel Price Increase.”

“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,” Obi lamented.

The increase, implemented without explanation, has sparked widespread criticism and raised questions about the government’s management of the economy. Obi noted that “this is neither how an economy’s resources should be managed nor how a nation should be governed.”

The NNPCL, now a limited liability company, operates under the supervision of regulatory agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). However, the roles and responsibilities of these entities have become increasingly unclear, prompting Obi to query, “Who, in this arrangement, is regulating who?”

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As the substantive Minister of Petroleum Resources, the President of the Federal Republic of Nigeria bears the responsibility of providing explanations, alternative options, and reversing the price hike. Obi urged the President to prioritize the welfare of Nigerians, who are facing unprecedented hardship, and to take action before returning from his working vacation.

“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,” Obi criticized.

Obi concluded by reiterating his vision for “A New and more compassionate Nigeria,” one that values the welfare of its citizens.

He emphasized that the government’s actions should prioritize compassion and sound economics, stating, “In this new measure, there is neither sound economics nor necessary compassion.”

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