Fuel price hike: Nigeria fails to plan – Peter Obi
Price of Petroleum Products Rises in Nigeria Amid Global Tensions
Former Labour Party presidential candidate Peter Obi has voiced concerns over a significant increase in petroleum product prices in Nigeria, attributing the surge to ongoing geopolitical tensions, particularly between the United States and Iran.
In a statement posted on his verified social media account on Thursday, Obi highlighted the speed at which global economic changes affect Nigeria. He cited the recent disturbances involving Iran as a catalyst for rising global oil prices, which have subsequently impacted domestic fuel costs.
Obi noted that petrol prices have escalated from below ₦1,000 per liter a few weeks ago to over ₦1,200 per liter. Similarly, diesel, once priced under ₦1,000 per liter, now exceeds ₦1,500 per liter. He emphasized that these rapid fluctuations demonstrate how vulnerable the Nigerian economy is to external shocks.
Obi pointed out that many countries, regardless of their oil production status, maintain strategic petroleum reserves to mitigate the effects of supply disruptions. “These reserves allow nations to stabilize supply in the face of global market disruptions. Unfortunately, Nigeria does not possess such buffers, resulting in immediate repercussions for consumers,” he stated.
He further criticized the lack of strategic planning within the Nigerian government. “Nations that engage in planning develop mechanisms to protect against shocks, while those that do not remain susceptible to them. The old adage holds: a failure to plan is a plan to fail,” he concluded.
