Peter Obi warns fuel price surge, highlights Nigeria’s lack of planning 

By Shamsudeen Abubakar 

Former Anambra State governor and presidential candidate of the Labour party, Peter Obi, has drawn attention to Nigeria’s vulnerability to global economic shocks on the recent surge in fuel prices as a stark example.

In a post on his verified X (formerly Twitter) account, on Thursday, March 12, 2026, Obi noted that many people wonder why any adverse development in the global economy quickly impacts Nigeria.

According to his statement: “The recent tension involving Iran, he stressed that the surge example has led to an increase in global oil prices and, subsequently, a rise in petroleum prices in Nigeria.”

He added that: “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.”

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Obi explained that unlike many countries that maintain strategic petroleum reserves to cushion against supply or price shocks, Nigeria lacks such a buffer, leaving the country exposed to sudden price spikes.

“The underlying issue is a lack of planning,” he wrote. “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.”

He concluded his post with his usual call for forward-looking policies, stating that “a New Nigeria is POssible. -PO.”