Former Anambra State governor, Peter Obi, has attributed the recent increase in petrol and diesel prices in Nigeria to poor national planning and the absence of strategic buffers to cushion the impact of global shocks.
In a statement shared on his social media platforms, Obi said geopolitical tensions involving Iran and other global developments have pushed up crude oil prices, which in turn triggered higher fuel costs in Nigeria.
According to him, the situation has exposed the country’s vulnerability to external economic shocks due to inadequate long-term planning.
The former presidential candidate noted that petrol, which sold for less than ₦1,000 per litre weeks ago, now costs over ₦1,200 per litre in many parts of the country, while diesel has risen to more than ₦1,500 per litre.
He said the rapid increase illustrates how quickly developments in the global market can affect Nigeria’s economy.
Obi explained that many countries maintain strategic petroleum reserves to stabilise supply and prices during global disruptions, but Nigeria lacks such buffers, leaving the economy exposed whenever the international oil market becomes volatile.
He called on policymakers to prioritise long-term planning and build stronger economic safeguards, warning that failure to do so would continue to make the country vulnerable to sudden global price shocks.
