Obi Blames Poor Planning for Soaring Fuel Prices in Nigeria

Former presidential candidate, Peter Obi, has attributed the recent surge in petrol and diesel prices in Nigeria to the country’s chronic lack of strategic planning.

In a statement on his X handle on Thursday, Obi noted the impact of the ongoing US-Iran conflict on global oil markets. He said, “A few weeks ago, petrol sold for less than N1,000 per litre, but today it has shot past N1,200 per litre. Diesel, previously below N1,000 per litre, now costs over N1,500.”

Obi explained that these steep increases highlight how external shocks can quickly destabilise the Nigerian economy. He added that while many countries maintain strategic petroleum reserves to buffer their economies against such shocks, Nigeria lacks such a safety net.

“The core issue is poor planning,” Obi said. “Countries that plan strategically create buffers against global shocks, while those that do not remain vulnerable.”

His comments come as petrol prices hit around 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 filling stations reportedly sold petrol for as high as N1,350 to N1,400 per litre.

Economists and members of the Organised Private Sector have warned that the spike could fuel inflation across goods and services, forcing businesses to adjust budgets and pricing strategies. They urged the Federal Government to enhance local refining capacity and adopt innovative measures to curb recurring fuel price shocks.

The Nigeria Labour Congress (NLC) also criticised repeated fuel price hikes. Meanwhile, international developments, including possible emergency oil reserve releases by G7 nations, have been cited as efforts to stabilise global oil supply.

Obi called for structural reforms, stressing, “The old maxim remains true: when a country fails to plan, it has already planned to fail.” He emphasised the urgent need for long-term planning to shield the economy from sudden price surges.