Group Faults Obi’s Position on Fuel Price Increase

Group Faults Obi’s Position on Fuel Price Increase

A political advocacy group, the Democratic Front (TDF), has criticised comments by former presidential candidate of the Labour Party, Peter Obi, on the recent increase in fuel prices, describing his remarks as a misinterpretation of global energy realities.

In a statement issued on Monday and signed by its chairman, Danjuma Muhammad, and secretary, Wale Adedayo, the group said Obi’s comments on the impact of the Middle East crisis on Nigeria’s fuel prices reflected what it termed a limited understanding of global oil market dynamics.

TDF said it was not surprised by Obi’s intervention on the issue, claiming that the former governor of Anambra State had once again attempted to criticise the administration of President Bola Ahmed Tinubu over developments in the petroleum sector.

“We had actually anticipated that Mr Peter Obi, would, in his usual manner, jump into the public space to display his ignorance on the current global energy crisis in a bid to invent faults against the Bola Tinubu administration,” the statement read.

The group noted that Obi had argued that the increase in fuel prices could have been avoided if Nigeria had strategic petroleum reserves.

TDF countered this claim, stating that even countries with large strategic reserves, including the United States and several in Europe and Asia, experienced similar price hikes amid the ongoing global energy situation.

TDF also disputed Obi’s assertion that Nigeria lacked strategic petroleum reserves, highlighting the operations of the Dangote Refinery.

“Unknown to Peter Obi, the Dangote Refinery has 500 million litres of petroleum in its strategic reserve to prevent supply disruptions in its operations as of March 1, 2026,” the statement said.

The group further explained that strategic petroleum reserves serve purposes beyond price stabilisation, including cushioning against supply disruptions, geopolitical pressures, and other energy security threats.

TDF argued that while tensions in the Middle East have driven global fuel price increases, Nigeria’s local refining capacity and government policies have helped prevent major supply shocks.

It also credited the Tinubu administration for stabilising domestic fuel prices, recalling that pump prices had once hit N1,450 per litre after the fuel subsidy removal in 2023 but fell to as low as N750 per litre in 2025 due to improved private refinery operations.

“Credit must go to President Tinubu for the seamless operation of Dangote Refinery, which has prevented fuel shortages and long queues at filling stations across the nation,” the group said.