• There has been a recent hike in the price of petroleum products in Nigeria, believed to have been caused by the government
• 2023 presidential aspirant Peter Obi commented on the wide-ranging negative consequences of the hike, saying the government’s act was unfortunate and insensitive
• Many Nigerians supported Obi’s view on the situation
Labour party presidential aspirant in the 2023 election, Peter Obi, has expressed his sorrow over the recent fuel price hike by the government amidst the ongoing economic crisis in Nigeria.
Obi, who is also a former governor of Anambra State, made this known on Saturday, October 12, via his X account in a statement he titled “Reversing the Sudden Price Increase.”
In his words: “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,” Obi expressed.
He further stated that there is confusion about the roles and responsibilities of the bodies in charge of petroleum products in Nigeria, including the president, who is supposed to be the substantive minister.
“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 whom?
“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,” Obi retorted.
The situation regarding petrol price in Nigeria
Recently, the price of premium motor spirit, otherwise known as petrol, jumped from N897 to N998 per litre in Lagos, N1,030 in Abuja, N1,070 in the North-East, N1,045 in the South-East, N1,025 in he South-West, and N1,075 in the South-South, sparking outrage from Nigerians who lamented the series of price increments in the space of one year.
Between May 2023 and October 2024, the price of petrol increased from N238 to the present price, representing a 351% increase.
Petrol price hike spurred reactions from Nigerians
In response to Obi’s tweet, Nigerians expressed their displeasure and frustration regarding the petrol situation.
TheRadar curated some reactions below:
@obunikechukwu said, ‘The recent fuel price increase by the NNPCL, amidst Nigeria’s challenging economic conditions, reflects a lack of sound economic management and compassion from the government, highlighting the urgent need for accountability and action from the Minister of Petroleum Resources to alleviate the hardships faced by the populace.’
@jollynony said, ‘It’s the casual nature with which they pile on these hardships while their interests thrive.’
@ugochukwu_cugo said, ‘They are the wicked leader and taskmasters that don't have feelings for the poor Nigeria, is only God will judge them.’
@truthandhumor said, ´When you talk, they will claim it's still one of the cheapest in Africa. Forgetting that our minimum wage (which not every business owner can still even afford to pay their staff) is one of the lowest in the world.´
@mbagwu_john_c said, ´The hike in transportation is too much💔.The poor can’t breath.’
NLC leader Ajaero slams FG, calls for an end to frequent petrol price increases
Earlier, TheRadar reported that the Nigeria Labour Congress (NLC) demanded immediate reversal of the latest petrol price hike.
The president of the union, Joe Ajaero, criticised the government for repeatedly raising fuel prices without addressing workers’ minimum wage.