Former presidential candidate, Peter Obi, has claimed the hike in petrol and diesel prices is due to a lack of strategic planning, warning that external shocks to the global economy quickly affect local prices.
Obi stated this in a statement issued on Thursday.
He 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 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 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.
