Peter Obi Blames Fuel Price Hikes on Lack of Planning

Peter Obi, a former presidential candidate, criticized the recent sharp increases in petrol and diesel prices in Nigeria, attributing them to the country's lack of strategic planning. In a statement issued on Thursday, Obi highlighted the impact of external shocks on the global oil market, specifically referencing the ongoing US-Iran conflict.

He noted that petrol prices have surged from less than 1,000 Naira per liter a few weeks ago to 1,200 Naira per liter, while diesel prices have risen from below 1,000 Naira to 1,500 Naira per liter. Obi emphasized that Nigeria lacks a strategic petroleum reserve to cushion the economy against supply price shocks, warning that petrol prices could reach 1,300 Naira per liter in various parts of the country.

He urged the federal government to enhance efforts to boost local refining capacity and find innovative ways to address recurring fuel price spikes. The Nigeria Labour Congress also criticized the repeated petrol price hikes and suggested potential measures such as releasing emergency oil reserves to stabilize global oil supply.