Peter Obi, the Labour Party’s presidential candidate in the 2023 general election, has strongly criticized the recent hike in the price of Premium Motor Spirit (PMS), describing it as “unfortunate and insensitive.” In a detailed post titled ‘Reversing the Sudden Fuel Price Increase’ shared on his official X account, Obi called on the Federal Government to reverse the decision.
He expressed concern that Nigerians are already enduring extremely difficult economic conditions, which he attributed to poor policy choices by the government.
Obi emphasized that the decision by the Nigerian National Petroleum Company Limited (NNPCL) to raise the price of PMS was ill-advised, especially in light of the economic challenges citizens are facing. He noted that this price increase lacked both sound economic justification and compassion for the struggling population.
He went further to point out that although the NNPCL is now a limited liability company, supposedly regulated by agencies such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), there appears to be confusion over the roles and responsibilities of these bodies.
Obi stressed that the Federal Ministry of Petroleum Resources, which the President oversees as the substantive Minister, should be responsible for supervising both NNPCL and the regulatory agencies.
Obi questioned the relationship between these institutions, asking, “Who is regulating who?” He stated that, given the severe but avoidable hardship Nigerians are experiencing, the onus is on the Minister of Petroleum Resources, who also serves as the President, to explain the situation, explore alternative solutions, and reverse the sudden price hike.
Obi urged that this be done promptly, preferably before the President returns from his working vacation.
He further criticized the timing of the decision, saying it was wrong to impose such a harsh measure on the people while the President was away on vacation, showing a lack of consideration for their welfare. Obi concluded by expressing hope that a new, more compassionate Nigeria is possible, where the government acts in the best interest of its citizens.
This statement followed the NNPCL’s most recent adjustment of fuel prices at its retail outlets in Lagos and Abuja. In Lagos, a litre of petrol increased from ₦855 to ₦998, while in Abuja, the price jumped from ₦897 to ₦1,030. In other areas of Lagos, some filling stations were reportedly selling petrol for as high as ₦1,050.
