A media aide to President Bola Tinubu has criticised Peter Obi over his comments on the rising cost of petrol in Nigeria.
Dada Olusegun, Special Assistant to the President on Social Media, said the recent increase in petrol prices is largely influenced by global market forces rather than the absence of a strategic petroleum reserve.
Olusegun made the remarks in a statement shared on social media, responding to Obi’s earlier criticism of the government’s handling of fuel pricing.
Obi had argued that Nigeria’s vulnerability to international oil price fluctuations highlights a lack of proper economic planning and the failure to establish a strategic petroleum reserve.
However, Olusegun dismissed the claim, stating that the major driver of the current price increase is the deregulated fuel market introduced after the removal of petrol subsidies by the Tinubu administration.
According to him, a deregulated system means that pump prices are directly affected by global crude oil prices, exchange rate movements, transportation costs, and supply disruptions.
He explained that rising geopolitical tensions in the Middle East, particularly involving Iran, have pushed global oil prices upward, inevitably affecting countries like Nigeria that rely heavily on imported refined petroleum products.
Olusegun also argued that strategic petroleum reserves are not designed to control everyday fuel prices.
He noted that even major economies such as the United States and China maintain such reserves mainly for emergency situations such as wars, supply disruptions, or major global crises.
According to him, Nigeria’s long-standing challenge lies in its limited domestic refining capacity, which has forced the country to depend heavily on imported fuel despite being one of the world’s major crude oil producers.
He added that exchange rate instability and supply chain weaknesses have also contributed to the country’s vulnerability to international price shifts.
The exchange between both figures comes as global oil prices continue to climb amid escalating tensions in the Middle East.
Brent crude recently traded above $100 per barrel, raising concerns among investors and economists about possible inflationary pressure and economic instability worldwide.
In Nigeria, the rising cost of crude oil has already begun to reflect in local fuel prices. The Dangote Petroleum Refinery initially increased the gantry price of petrol to about ₦1,175 per litre before later reducing it to approximately ₦1,075.
Economic analysts say the situation highlights how strongly global energy developments can influence domestic fuel costs, particularly in economies that depend significantly on imported petroleum products.
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