The recent increase in the price of petroleum goods was deemed “unfortunate and insensitive” by Mr. Peter Obi, the Labour Party’s presidential contender in the general election of 2023.

This was disclosed by Obi on Saturday in a statement posted to his X.com account with the subject “Reversing the Sudden Fuel Price Increase.”

Following the petrol price increase by some Nigerian National Petroleum Company Limited stations in Abuja on Wednesday, transportation costs in the Federal Capital Territory increased dramatically.

The national oil company’s stations increased the retail price of petrol from N897 per litre to N1,030 at a number of NNPCL stations in the Federal Capital Territory.

The new price, which is the second increase in a month, is an increase of 14.8%, or N133.

Obi claims that the rise in fuel costs has serious detrimental effects on Nigeria’s existing economic viability and citizens’ quality of life.

He said that President Bola Tinubu and Sen. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), would have to intervene to stop the abrupt price increase.

According to the statement, “The NNPCL has once again raised the price of fuel without providing any explanation, while Nigerians continue to groan under extremely difficult economic conditions, largely caused by the Federal Government’s wrong policy choices.” This is regrettable and inconsiderate given the extensive detrimental effects on our financial survival and welfare.

This is not the appropriate way to manage the resources of an economy or run a country. This new measure lacks both necessary compassion and smart economics. Despite the NNPCL’s current status as a limited liability corporation and its regulation by organisations like the NMDPRA and NUPRC, there appears to be increasing misunderstanding over the respective functions and duties of these organisations.

It is interesting to note that the Federal Ministry of Petroleum Resources, with the President of the Federal Republic of Nigeria acting as the substantive Minister, is intended to oversee both the NNPCL and the regulatory bodies. Who is controlling whom in this arrangement? The Honourable Minister of Petroleum Resources/President of the Federal Republic of Nigeria bears primary responsibility for offering a comprehensive explanation, providing alternative options, and, most importantly, reversing the abrupt price hike in light of the unprecedented but preventable hardship that Nigerians are experiencing.

Before he returns from his working holiday, we hope and pray that he acts in the best interests of the vast majority of Nigerians, who live in unduly precarious circumstances. It is a sign of disregarding and undervaluing the wellbeing of the people to levy such a harsh penalty on them while they are enjoying a nice annual holiday. It is possible for Nigeria to change and become a more caring country.

Remember how the Nigeria Labour Congress President, Joe Ajaero, denounced the NNPC’s petrol pump price hike after it was announced? He said that a legally recognised private entity shouldn’t set fuel rates for Nigerians.

The Nigerian National Petroleum Company Limited’s Premium Motor Spirit, also referred to as petrol, was too expensive for IPMAN members to purchase, thus the Independent Petroleum Marketers Association of Nigeria also threatened to cease operations across the country.

On Thursday, IPMAN disclosed that the cost of gasoline to NNPC from the Dangote Petroleum Refinery was approximately N898 per litre. However, the report also mentioned that NNPC was selling the identical product to independent marketers in Lagos for N1,010 per litre.