New Hike in Nigeria’s Petrol Price: Labour Party’s Peter Obi Labels It “Unfortunate and Insensitive”
Nigeria is reeling from another hike in the price of petrol products, with the Nigerian National Petroleum Company Limited (NNPCL) increasing the retail price of petrol to N1,030 per litre in the Federal Capital Territory (FCT). This sudden surge in fuel prices has elicited concerns from various quarters, with the presidential candidate of the Labour Party, Mr Peter Obi, describing the move as “unfortunate and insensitive”.
In a statement, Obi lamented that the latest price hike would have far-reaching negative consequences for the current Nigerian economic survival and well-being of Nigerians. He stressed that the responsibility for providing a full explanation, offering alternative options, and reversing the sudden price hike falls squarely on the Honorable Minister of Petroleum Resources/President of the Federal Republic of Nigeria, Sen. Heineken Lokpobiri and President Bola Tinubu.
Obi called for reversing the price hike, citing the need for the economy to be managed in a more compassionate and responsible manner. He noted that the NNPCL is now a limited liability company, regulated by agencies such as the NUPRC and NMDPRA, but expressed concerns over the roles and responsibilities of the NNPCL and these regulating bodies. He also emphasized the need for the minister to provide a full explanation and offer alternative options before his return from his working vacation.
The statement has been met with strong reactions from various quarters, with the President of the Nigeria Labour Congress, Joe Ajaero, condemning the fuel pump price increase and the Independent Petroleum Marketers Association of Nigeria threatening to stop operations nationwide due to the high cost of Premium Motor Spirit (PMS).
As Nigerians groan under the weight of the latest price hike, the news has sparked widespread outrage and concerns about the direction of the country’s economy. Will the government listen to the voices of citizens and take concrete steps to address the price hike and economic challenges, or will the situation continue to deteriorate further? Only time will tell.
