The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the recent increase in petrol prices.
This reversal is requested pending the hearing and determination of the suit before the Federal High Court, Abuja, challenging the legality of NNPCL’s power to increase petrol prices.
According to SERAP Deputy Director, Kolawole Oluwadare, the organization filed a lawsuit last month against President Tinubu and NNPCL for failing to reverse the unlawful petrol price increase and probe allegations of corruption and mismanagement within NNPCL.
SERAP argues that the latest price hike undermines the integrity of the Nigerian Constitution and jeopardizes the most vulnerable citizens.
The price of premium motor spirit (PMS), or petrol, was increased from N897 to N1,030 per litre, marking the second increase in one month. This follows a scarcity caused by suppliers refusing to import petroleum products due to a $6 billion debt owed by NNPCL.
SERAP emphasized that allowing the Federal High Court to hear and determine the case would align with the Nigerian Constitution and President Tinubu’s oath of office to uphold the rule of law. Reversing the price increase would enable the court to render a decision on central issues and protect SERAP’s rights and interests.
The Auditor General of the Federation’s 2020 audited report revealed that NNPCL failed to remit over USD$2 billion and N164 billion in oil revenues to the Federation Account, sparking concerns of diverted funds.
SERAP stresses that increasing petrol prices would compromise their interest in the Federal High Court case and undermine judicial independence.
