Nigerians groaning under harsh economic policies – Obi speaks on fuel price hike

Labour Party Presidential candidate and former Anambra State governor, Peter Obi, has called on President Bola Tinubu to reverse the recent fuel price increase imposed by the Nigerian National Petroleum Company Limited (NNPCL).

Obi criticized the hike as insensitive, stressing that it has exacerbated the hardship faced by Nigerians.

He expressed concern over the growing confusion surrounding the role of the NNPCL and regulatory bodies in setting fuel prices, urging the government to prioritize the well-being of its citizens during these challenging times.

News360 Nigerian reported that NNPCL announced the hike in fuel prices days after giving the nod to oil marketers to lift petroleum products from Dangote Refinery, ending its role as the sole off-taker of the petrol from the refinery.

Peter Obi, dissatisfied with the hike, expressed his sadness via his verified handle on X, said Nigerians continue to groan under extremely difficult economic conditions, largely caused by the Federal Government’s wrong policy choices

He wrote: “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.

“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.

“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.

“We hope and pray that he acts in the best interest of the majority of Nigerians, who are living under unnecessarily precarious conditions, and that he does so before his return 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. A New and more compassionate Nigeria is indeed Possible!”