Group under the aegis of The Democratic Front (TDF) has lambasted the former governor of Anambra State, Mr. Peter Obi, over his recent comment on fuel prices in the country, in the aftermath of the crisis in the Middle East.
Obi had attributed the speedy impact of the Middle East crisis on the nation’s economy, especially with respect to the rise in petroleum prices on lack of planning.
He said: “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.
“The reason for this is straightforward: most countries, whether they are oil-producing or non-oil-producing, maintain strategic petroleum reserves to cushion against supply or price shocks. This means that when there is a disruption in the global oil market, they can release part of these reserves to stabilize supply. However, Nigeria lacks such a buffer, so the impact is felt almost immediately.
“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. The old maxim remains true: when a country fails to plan, it has already planned to fail.”
TDF dismissed Obi’s comment as a reflection of his poor knowledge of the global energy situation.
In a statement signed by its Chairman Mallam Danjuma Muhammad and Secretary Chief Wale Adedayo, TDF noted that it was not surprised that the former Anambra governor jumped on the issue to display his ignorance as it is typical of him.
It said: “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.
“So, we were not surprised to see his claim that the increase in the prices of petroleum as a result of the Middle East conflict was avoidable in Nigeria if the country had strategic oil reserves.
“The fact that the United States of America and other countries in Europe and Asia are worse hit by the fuel price hike than Nigeria, despite their huge strategic reserves of petroleum, completely deconstructs Peter Obi’s narratives about strategic fuel reserves in Nigeria.”
TDF also disputed Peter Obi’s claim of the absence of a strategic petroleum reserve in Nigeria.
“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 the 1st of March 2026.
“The Dangote Reserve has since increased between the period when the Strait of Hormuz became impassable for oil tankers in the Gulf Region at the beginning of the war and now. We then wonder where Peter Obi is getting his false narratives from.
“We believe that the former Anambra State governor is flying blind on issues relating to global economics due to his shallow understanding of politics and basic economics.
“Unfortunately, Obi’s poor reasoning will not improve for as long as he continues to see every abnormal situation in Nigeria as an opportunity to play petty politics.
“It is however important to inform Peter Obi that price volatility is not the only purpose for strategic fuel reserves. Other factors like Supply Disruptions, Geopolitical Pressures, External Economic Shocks, and Energy Security threats are part of the major purposes for having an oil reserve in a country.
“And in the case of Nigeria, the current situation in the Middle-East has not forced any of the aforementioned conditions on the economy, to have warranted Obi’s delusional narrative of an economic shock.
“The international market pricing dynamics ensure that the price of petroleum products fluctuates from time to time. And we recall that fuel price once hit N1,450 per litre in the wake of fuel subsidy removal in 2023. But the effort of the President Tinubu administration in creating a favourable investment climate for private refinery operation brought the pump price down to as low as N750 per litre in 2025.
“While we acknowledge that the current situation in the Middle-East has reflected in the increase in fuel prices across the world, credit must go to President Tinubu for the seamless operation of Dangote Refinery which has prevented fuel shortage and the consequent queues at filling stations across the nation.
