Peter Obi has voiced his displeasure following the latest fuel price hike by the Nigerian National Petroleum Company Limited (NNPCL) at its retail outlets in Lagos and Abuja.

In a detailed post titled “Reversing the Sudden Fuel Price Increase” shared on his X account, Obi expressed concern over the severe economic hardship Nigerians are facing. He blamed these challenges primarily on the federal government's poor policy decisions.

Obi highlighted the negative impact of NNPCL’s recent increase in the price of Premium Motor Spirit (PMS), calling it a misguided move.

"As Nigerians continue to groan under extremely difficult economic conditions, largely caused by the Federal Government’s wrong policy choices, the NNPCL has once again raised the price of fuel (PMS) without providing any explanation," Obi said.

He criticized the decision as both "unfortunate and insensitive," emphasizing its harmful effects on the country's economic survival and citizens' well-being. Obi further argued that such a measure lacked both sound economic reasoning and compassion for the people.

He questioned the effectiveness of regulatory oversight, noting that while NNPCL is now a limited liability company subject to regulation by bodies like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), there seems to be confusion over the roles of these regulators.

Obi pointed out that these agencies, alongside NNPCL, fall under the Federal Ministry of Petroleum Resources, which is overseen by the President as the Minister. He asked, “Who is regulating whom in this arrangement?”

He also expressed disappointment over the timing of the decision, calling on the President, who is currently on a working vacation, to reverse the hike and offer alternative solutions to ease the unnecessary hardship Nigerians are enduring.

“To impose such a harsh measure while on vacation shows a disregard for the welfare of the people. A new, more compassionate Nigeria is indeed possible,” Obi concluded.

The price hike saw petrol rise to ₦998 per litre in Lagos (from ₦855) and ₦1,030 in Abuja (from ₦897). Some other filling stations in Lagos are now selling petrol for as much as ₦1,050 per litre.