Former presidential candidate of the Labour Party Nigeria, Peter Obi, has attributed the recent increase in fuel prices in Nigeria to poor long-term planning by the government.
In a message posted on his verified X account on Thursday, Obi said the country’s vulnerability to external economic shocks explains why global developments quickly translate into rising fuel prices at home.
He cited the current geopolitical tension between the United States and Iran, which he said has driven up crude oil prices in the international market and triggered a rise in the cost of petroleum products locally.
According to him, petrol that previously sold for less than ₦1,000 per litre has climbed to over ₦1,200, while diesel prices have also surged from under ₦1,000 to above ₦1,500 per litre within a short period.
Obi explained that many countries protect their economies from such volatility by maintaining strategic petroleum reserves that can be released when global supply disruptions occur.
He noted that the absence of such reserves in Nigeria means the country feels the impact of international oil market fluctuations almost immediately.
“The core problem is poor planning. Nations that plan ahead build buffers against economic shocks, while those that fail to do so remain exposed,” he said.
Obi added that effective planning remains essential for shielding the economy from sudden external pressures and ensuring stability in critical sectors such as energy.
