Former presidential candidate, Peter Obi, has blamed the recent rise in petrol and diesel prices on poor planning, warning that global economic shocks quickly push up local fuel costs.
Obi made this comment in a statement on Thursday.
He pointed out how the ongoing US-Iran conflict is affecting 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 added that many countries keep strategic petroleum reserves to protect their economies from sudden price or supply shocks, but Nigeria has no such safety net.
“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.
