The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the recent petrol price increase. This request comes as the organization awaits the hearing and determination of its suit challenging the legality of NNPCL’s power to increase petrol prices.
In an open letter dated October 12, 2024, SERAP Deputy Director Kolawole Oluwadare emphasized that the latest price hike undermines the pending court case and jeopardizes the integrity of the Nigerian Constitution. The organization argues that allowing the Federal High Court to hear and determine the case would uphold the rule of law and maintain public confidence in the judiciary.
The retail price of petrol has been increased from N897 to N1,030 per liter, the second hike in one month. SERAP had filed a lawsuit challenging the lawfulness of the petrol price increase and the failure to probe allegations of corruption and mismanagement within NNPCL.
SERAP stresses that reversing the price hike would protect the applicant’s rights and interests and ensure the court’s ability to render a decision on the central issues.
The organization also notes that the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and N164 billion of oil revenues into the Federation Account, according to the 2020 audited report by the Auditor General of the Federation.
SERAP urges the recovery and remittance of these funds into the Federation Account. The organization warns that failing to reverse the price hike would compromise the interest of the applicant in the Federal High Court case and undermine the authority and integrity of the court.
