The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to reverse the latest hike in petrol prices, which saw rates increase for the second time in one month.
SERAP is urging Tinubu to instruct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the price hike pending a court decision on the legality of NNPCL’s authority to raise petrol prices.
In Lagos, the price of petrol has jumped from ₦855 to ₦998 per liter, while in Abuja, it surged from ₦897 to ₦1,030.
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Other regions are seeing even higher prices, with some filling stations in Lagos selling petrol for ₦1,050.
SERAP had previously filed a lawsuit challenging the legality of the initial price hike and alleging corruption and mismanagement within the NNPCL.
In a letter to President Tinubu, dated October 12, 2024, SERAP’s deputy director, Kolawole Oluwadare, argued that the latest price increase undermines the ongoing court case and violates principles of justice and the rule of law.
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The letter asserts that increasing petrol prices while a court case is pending threatens public confidence in the legal system and interferes with the judicial process.
SERAP contends that a reversal of the price hike is necessary to protect the integrity of the legal system and allow the court to make a fair ruling.
SERAP has warned that if the government does not reverse the price increase, it may pursue legal action, including contempt proceedings.
The organization emphasized that the latest price hike disproportionately affects vulnerable Nigerians and undermines President Tinubu’s promise to govern impartially and uphold the rule of law.
The letter also pointed to an auditor general’s report from 2020, which accused the NNPCL of failing to remit over $2 billion and ₦164 billion in oil revenues to the Federation Account, further fueling SERAP’s allegations of corruption within the company.
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SERAP’s lawsuit against the NNPCL and the Attorney General of the Federation challenges the legality of the earlier price hikes and seeks an investigation into the mismanagement of oil revenues.
The Federal High Court in Abuja is expected to rule on the case.
