Rising fuel prices result of poor planning, aays Peter Obi

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By Vincent Ujumadu

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Presidential aspirant of the African Democratic Congress (ADC), Mr. Peter Obi, has attributed Nigeria’s rising fuel prices to poor national planning and the country’s failure to maintain strategic petroleum reserves.

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In a statement shared on his social media platforms, Obi said recent tensions involving Iran, the United States, and Israel have pushed up global oil prices, which quickly translated into higher fuel costs in Nigeria.

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He noted that petrol, which was selling for less than ₦1,000 per litre a few weeks ago, now costs over ₦1,200 per litre, while diesel prices have increased from below ₦1,000 per litre to more than ₦1,500 per litre.

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Obi explained that the rapid price hikes highlight Nigeria’s vulnerability to external shocks due to a lack of economic buffers. “Many countries—whether oil-producing or not—maintain strategic petroleum reserves that can be released during disruptions in the global oil market to stabilize supply and prices,” he said.

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He added that Nigeria’s absence of such reserves means that any change in global oil markets is immediately felt by citizens.

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According to Obi, the situation reflects a broader problem of inadequate national planning. “Countries that plan ahead create safeguards against economic shocks, while those that fail to plan remain vulnerable,” he said, stressing that the lesson is clear: failing to plan is planning to fail.

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