Fuel price hike: Nigeria fails to plan – Peter Obi

Former Labour Party statesmanlike candidate, Peter Obi, has lamented the surge successful terms of petroleum products successful Nigeria amid the ongoing tensions betwixt the United States and Iran.

In a station connected his verified X grip connected Thursday, Obi said galore radical wonderment wherefore immoderate adverse improvement successful the planetary system rapidly impacts Nigeria.

He said that a caller illustration is the hostility involving Iran, which led to an summation successful planetary lipid prices and, subsequently, a emergence successful petroleum prices successful Nigeria.

“A fewer weeks ago, petrol was selling for little than ₦1,000 per litre, but contiguous it costs implicit ₦1,200 per litre. Diesel, which was besides priced beneath ₦1,000 per litre, is present implicit ₦1,500 per litre. These accelerated increases exemplify however rapidly outer shocks tin impact the Nigerian economy.

“The crushed for this is straightforward: astir countries, whether they are oil-producing oregon non-oil-producing, support strategical petroleum reserves to cushion against proviso oregon terms shocks.

“This means that erstwhile determination is simply a disruption successful the planetary lipid market, they tin merchandise portion of these reserves to stabilize supply. However, Nigeria lacks specified a buffer, truthful the interaction is felt astir immediately.

“The underlying iss...