- Tinubu is currently on his annual vacation in Europe.
- The petrol price adjustment has aggravated the country’s economic crisis, stoking the operating cost of businesses amid fears that inflation could worsen.
Peter Obi, presidential candidate of Labour Party in the 2023 elections, has called for the reversal of the recent petrol price hike.
In a statement on X account on Saturday, Obi criticised the Nigerian National Petroleum Company (NNPC) Limited for increasing the price of petrol without providing an explanation.
He described the move as “both unfortunate and insensitive,” noting that it comes at a time when Nigerians are struggling to survive under deteriorating economic conditions.
“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,” Obi said.
“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?”
The former Anambra state governor urged the minister of petroleum resources and President Bola Tinubu to provide clarity on the situation, offer alternative options and reverse the price hike.
He expressed optimism that president would act in the best interest of Nigerians who are living under unnecessarily difficult conditions before returning 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,” he said.
On October 9, the NNPC increased the price of petrol across its retail outlets.
In Lagos, petrol prices jumped to N998 per litre while in Abuja, the price rose to N1,003.
The price development comes weeks after the NNPC commenced petrol lifting at the Dangote Petroleum Refinery’s gantry after an extended period of price negotiations.
On September 15, the NNPC said petrol was bought from Dangote refinery at N898 per litre.
The Dangote refinery countered NNPC’s claim, describing it as “both misleading and mischievous”.
A day after, the national oil company announced estimated pump prices based on prices set by the Dangote refinery for its petroleum products, saying petrol will sell for N950 in Lagos and N999 in Abuja.