Obi Blames Lack Of Planning For Fuel Price Hikes

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 on X yesterday, Obi noted the impact of the ongoing US-Iran conflict on global oil markets, stressing that, “A few weeks ago, petrol was selling for less than N1,000 per litre, but today it costs over N1,200 per litre.

“Diesel, which was also priced below N1,000 per litre, is now over N1,500 per litre. These rapid increases illustrate how quickly external shocks can affect the Nigerian economy.”

The former presidential candidate said most countries maintain strategic petroleum reserves to cushion their economies against supply or price shocks, but Nigeria lacks such a buffer.

“The underlying issue is a lack of planning. Countries that engage in planning create buffers against shocks, while those that do not remain vulnerable to them,” he said.

The former presidential candidate’s warning comes as petrol prices hit about N1,300 per litre in various parts of the country on Monday following a hike in gantry prices at the Dangote Petroleum Refinery from N995 to N1,175 per litre. Some stations were reported selling petrol for as high as N1,350 to N1,400 per litre.

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.