SERAP Urges President Tinubu to Reverse Petrol Price Hike

The Socio-Economic Rights and Accountability Project (SERAP) has formally requested that President Bola Tinubu instruct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the recent increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.

In a letter dated 7 September 2024, which was signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organization argued that the petrol price hike is illegal and unconstitutional.

SERAP contended that the increase in petrol prices represents a significant breach of constitutional guarantees and Nigeria’s international human rights obligations, particularly at a time when citizens are experiencing worsening economic difficulties.

The organization also called upon President Tinubu to direct the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, as well as relevant anti-corruption agencies, to investigate allegations of corruption and mismanagement within the NNPCL.

The letter highlighted that rather than implementing public policies to combat the growing levels of poverty and inequality in the country, the government seems to be imposing further hardships on the economically disadvantaged.

According to SERAP, the petrol price increase has made it increasingly challenging for impoverished citizens to meet their basic needs.

SERAP explained that this price hike is a direct result of the ineffectiveness of previous governments to tackle issues related to corruption and mismanagement within the oil sector, which has fostered an environment of impunity for suspected wrongdoers.

The organization emphasized that addressing allegations of corruption and holding the NNPCL accountable would serve the public interest, especially as the increase in petrol prices is causing severe hardship for those with limited means.

In the letter, SERAP insisted that if its recommendations are ignored within 48 hours of receipt, it will consider taking legal action against the government.

SERAP further asserted that the Nigerian government has a legal obligation to investigate and prosecute allegations of corruption and mismanagement within the NNPCL.

Currently, the NNPCL has reportedly raised the price of petrol from approximately N600 per litre to N855 per litre, with some outlets charging more than N900 per litre, following claims that suppliers are withholding imports due to a substantial debt owed by the NNPCL.

Recent reports suggest that the NNPCL has failed to remit approximately USD $2.04 billion and N164 billion in oil revenues to the public treasury, as outlined in the 2020 annual report published by the Auditor-General of the Federation.