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Politician and presidential candidate of the Labour Party in the 2023 general election, Peter Obi has described the latest increase in price of Premium Motor Spirit (PMS) as “unfortunate and insensitive”, urging the Federal Government to reverse the fuel price hike.
In a lengthy post titled ‘Reversing the Sudden Fuel Price Increase’ published on his official handle on X, Obi said Nigerians are groaning under the extremely difficult economic conditions which he alleged was largely caused by the federal government.
He alluded to wrong policy choices, adding that increasing prices of PMS by the national oil company, NNPCL was a wrong move.
Obi’s outburst comes in the wake of NNPCL’s most recent adjustment of the petrol pump price in its retail outlets in Lagos and Abuja.
NNPCL outlets in Lagos sold a litre of petrol for ₦998 from the initial price of ₦855. In Abuja, it went to ₦1,030 from ₦897. In other filling stations, the price of the product goes for as much as ₦1,050 in some parts of Lagos State.
“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.
