Former presidential candidate Peter Obi has blamed the recent sharp increase in petrol and diesel prices in Nigeria on the country’s lack of strategic planning, warning that external shocks to the global economy quickly affect local prices.
In a statement issued on Thursday, Obi highlighted the impact of the ongoing US-Iran conflict on global oil markets, saying, “A few weeks ago, petrol was selling for less than ₦1,000 per litre, but today it costs over ₦1,200 per litre.Diesel, which was also priced below ₦1,000 per litre, is now over ₦1,500 per litre.These
These rapid increases illustrate how quickly external shocks can affect the Nigerian economy.”Obi explained that most countries maintain strategic petroleum reserves to cushion their economies against supply or price shocks, but Nigeria lacks such a buffer.
The former presidential candidate’s warning comes as petrol prices hit about ₦1,300 per litre in various parts of the country on Monday following a hike in gantry prices at the Dangote Petroleum Refinery from ₦995 to ₦1,175 per litre. Some stations were reported selling petrol for as high as ₦1,350 to ₦1,400 per litre.
Economists and members of the Organised Private Sector have warned that the price surge could trigger inflationary pressures on goods and services, forcing businesses to adjust budgets and pricing strategies to cushion the impact on consumers.The OPS urged the Federal Government to strengthen efforts to boost local refining capacity and find innovative ways to tackle recurring fuel price spikes.
The Nigeria Labour Congress also criticised repeated petrol price hikes, while international developments, including potential emergency oil reserve releases by G7 nations, were cited as attempts to stabilise global oil supply.
Obi concluded his statement with a call for structural reforms, saying, “The old maxim remains true: when a country fails to plan, it has already planned to fail,” emphasising the need for long-term planning to insulate the country from global shocks and protect the economy from sudden price hikes.
