By Emma Elekwa
A Presidential Hopeful of the African Democratic Congress (ADC), Mr. Peter Obi, has attributed the recent rise in fuel prices in Nigeria to poor national planning and the absence of strategic petroleum reserves.
Obi made the assertion in a statement shared on his social media platform.
He noted that the country’s vulnerability to global economic shocks has been worsened by its failure to maintain adequate petroleum reserves.
According to him, recent geopolitical tensions involving Iran, the United States and Israel have driven up global oil prices.
Obi said the development quickly translated into higher fuel prices in Nigeria.
He observed that petrol, which sold for less than ₦1,000 per litre a few weeks ago, now costs over ₦1,200 per litre, while diesel has risen from below ₦1,000 per litre to more than ₦1,500 per litre.
“The rapid increase in prices highlights how external shocks easily affect Nigeria because the country lacks 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 stabilise supply and prices.
“Nigeria, however, does not have such reserves, meaning the impact of global market changes is felt almost immediately,” he said.
Obi added that the situation reflects a broader challenge of inadequate national planning.
He stressed that countries that plan ahead create safeguards against economic shocks, while those that fail to plan remain vulnerable.
He emphasised that the lesson for Nigeria remains clear: when a country fails to plan, it effectively plans to fail.
