Anambra’s Labour Party has elected Mr. Peter Okoye as its new state chairman following a successful congress. See the full list of new executives.
Read More: https://punchng.com/anambra-lp-elects-new-chairman/
Anambra LP elects new chairman
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Fuel price hike: Nigeria fails to plan – Peter Obi
Former Labour Party presidential candidate, Peter Obi, has lamented the surge in price of petroleum products in Nigeria amid the ongoing tensions between the United States and Iran.
In a post on his verified X handle on Thursday, Obi said many people wonder why any adverse development in the global economy quickly impacts Nigeria.
He said that a recent example is the tension involving Iran, which led to an increase in global oil prices and, subsequently, a rise in petroleum prices in Nigeria.
“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,” he wrote.
