Reverse Sudden Fuel Price Hike – Peter Tells Tinubu

On Saturday, Peter Obi, the presidential candidate for the Labour Party in 2023, urged President Bola Tinubu to reverse the abrupt increase in fuel prices. Obi criticized the Nigerian National Petroleum Company Limited (NNPCL) for this sudden price rise, calling it insensitive and unfortunate.

In a post on X, Obi expressed concern that the fuel price hike would adversely affect Nigeria’s economic stability. He stated, “As Nigerians continue to suffer under extremely challenging economic conditions, primarily due to the Federal Government’s poor policy decisions, the NNPCL has once again increased fuel prices (PMS) without any justification.

“This is both unfortunate and insensitive, given the extensive negative repercussions for our economic survival and well-being. This is not how a nation’s resources should be managed or how it should be governed. This new action lacks sound economic reasoning and necessary compassion.

“We are informed that the NNPCL is now a limited liability company, overseen by agencies like the NUPRC and NMDPRA, yet there appears to be increasing confusion regarding the roles and responsibilities of the NNPCL and these regulatory bodies.

“Interestingly, both the NNPCL and the regulatory agencies are meant to be under the oversight of the Federal Ministry of Petroleum Resources, with the President of Nigeria acting as the Minister. In this setup, who is regulating whom?

“With the unprecedented but avoidable hardships that Nigerians are facing, the duty to provide a comprehensive explanation, suggest alternative solutions, and, most importantly, reverse the sudden price increase lies squarely with the Honorable Minister of Petroleum Resources/President of Nigeria.

“We hope and pray that he will act in the best interest of the majority of Nigerians, who are living under unnecessarily difficult conditions, and that he does so before returning from his working vacation.

“To impose such a harsh measure on the public while enjoying an annual vacation shows a disregard for the people’s welfare. A new and more compassionate Nigeria is indeed possible! -PO”