Peter Obi Blames Price Surge on Poor Planning, External Shocks

Peter Obi, a former presidential candidate in Nigeria, has attributed the recent surge in petrol and diesel prices to inadequate planning and external shocks, particularly the ongoing conflict between the US and Iran, which he identifies as a significant factor affecting the global oil market. He noted that petrol prices have increased from 1,000 Naira per liter to 1,200 Naira per liter, while diesel prices have risen from below 1,000 Naira per liter to 1,500 Naira per liter.

Obi criticized Nigeria's lack of strategic petroleum reserves, which he believes would shield the economy from price disruptions. He highlighted that the Dangote Petroleum Refinery has raised petrol prices from 995 Naira to 1,175 Naira per liter, with some stations reportedly selling fuel as high as 1,350 to 1,400 Naira per liter.

Obi concluded by calling for structural reforms and long-term plans to protect the economy, reiterating the old maxim that failing to plan is planning to fail.