Peter Obi, the Labour Party’s presidential candidate in the 2023 general election, has expressed strong disapproval of the recent petrol price hike, calling it a “draconian” measure by President Bola Tinubu.
Obi criticized Tinubu for allowing the increase while on vacation in the United Kingdom, highlighting the pain it has caused many Nigerians.
The Nigerian National Petroleum Company (NNPC) Limited announced the price increase last Wednesday across its retail outlets. In a post on X, Obi lamented the deteriorating conditions faced by citizens, urging Tinubu to prioritize their welfare before returning to Nigeria.
Obi stated, “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.” He pointed out the confusion surrounding the roles of the NNPCL and regulatory agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
He questioned the oversight relationship, noting that both the NNPCL and the regulatory bodies are supposed to operate under the Federal Ministry of Petroleum Resources, with the President serving as the substantive minister. Obi demanded clarity on who is truly regulating whom.
With Nigerians facing unprecedented hardship, he stressed that the responsibility for explaining the situation, providing alternative solutions, and reversing the sudden price hike lies with the Minister of Petroleum Resources and the President. He condemned the casual imposition of such a severe measure from a position of comfort, stating it shows a disregard for the people’s welfare and exacerbates the country’s economic crisis.
