The Socio-Economic Rights and Accountability Project (SERAP) has called for the immediate reversal of the latest petrol price hike.
The organization urged President Bola Tinubu to instruct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the second petrol price increase in one month, pending the outcome of a lawsuit currently before the Federal High Court in Abuja. The case challenges the legality of NNPCL’s authority to raise petrol prices.
The recent price hike saw NNPCL stations in Lagos selling petrol at ₦998 per litre, up from ₦855, while prices in Abuja surged from ₦897 to ₦1,030 per litre. In some areas of Lagos, the price exceeded ₦1,050.
Last month, SERAP filed a lawsuit against President Tinubu and NNPCL for not reversing what they called an unlawful price increase and for failing to investigate allegations of corruption and mismanagement within NNPCL.
In an open letter dated October 12, 2024, signed by SERAP’s deputy director, Kolawole Oluwadare, the organization argued that the recent price hike undermines the ongoing court case and threatens to interfere with the course of justice. SERAP emphasized the need for the rule of law to apply equally to all, including public office holders and corporate executives, and called on President Tinubu to uphold his promises to govern impartially according to the Constitution.
SERAP also warned that failing to reverse the price increase would damage public confidence in the judiciary and worsen economic hardship for the most vulnerable Nigerians.
The letter reiterated the importance of judicial independence, noting that allowing the court to hear and rule on the case without interference is crucial to maintaining justice. SERAP stressed that the second price hike touches directly on the legality of the first increase, which the court is set to rule on.
The organization further highlighted NNPCL’s ongoing financial issues, citing a recent report by the Auditor-General of the Federation, which revealed over $2 billion and ₦164 billion in unremitted oil revenues by NNPCL. SERAP also pointed to the failure of the Nigerian Petroleum Development Company Ltd to account for significant royalties from crude oil and gas sales.
SERAP vowed to pursue further legal actions if the government and NNPCL do not comply with their demand to reverse the price increase in the public interest.
