Former presidential candidate Peter Obi has attributed Nigeria’s recent surge in petrol and diesel prices to what he described as a lack of strategic planning in managing energy shocks.
In a statement made available to newsmen, Obi noted that global developments such as the ongoing U.S.–Iran tensions have exposed Nigeria’s vulnerability to external economic shocks.
“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 rapid increases illustrate how quickly external shocks can affect the Nigerian economy,” he said.
Obi explained that many countries maintain strategic petroleum reserves to cushion the effects of supply disruptions, but Nigeria lacks such buffers.
“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 added.
Fuel prices recently spiked after Dangote Petroleum Refinery increased its petrol gantry price from ₦995 to ₦1,175 per litre, pushing pump prices in some stations to between ₦1,300 and ₦1,400 per litre.
Calling for long-term reforms, Obi warned, “The old maxim remains true: when a country fails to plan, it has already planned to fail.”