The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the latest increase in petrol prices. This reversal should occur pending the hearing and determination of the suit before the Federal High Court, Abuja, challenging the legality of NNPCL’s powers to increase petrol prices.
Thank you for reading this post, don't forget to subscribe!The latest increase has seen NNPCL outlets in Lagos sell a litre of petrol for ₦998, up from the initial price of ₦855, while in Abuja, it has risen to ₦1,030 from ₦897. In other filling stations, the price of the product goes for as much as ₦1,050 in some parts of Lagos State.
SERAP had last month filed a lawsuit against President Tinubu and NNPCL over the failure to reverse the apparently unlawful increase in the pump price of petrol and to probe allegations of corruption and mismanagement in NNPCL. In an open letter dated October 12, 2024, and signed by its deputy director, Kolawole Oluwadare, SERAP stated that the latest increase in petrol prices makes a mockery of the case pending before the Federal High Court.
“The latest increase in petrol prices creates a risk that the course of justice will be seriously impeded or prejudiced in this case,” SERAP said. “One of the fundamental principles of the rule of law is that it applies to everyone, including presidents and CEOs of public institutions.” SERAP emphasized that it is in the public interest to keep the streams of justice clear and pure and to maintain the authority and integrity of the court in the case.
Allowing the Federal High Court to hear and determine the case would be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 (as amended), President Tinubu’s oath of office, and his oft-repeated promises to uphold the rule of law. Increasing petrol prices while the Federal High Court case is pending would prejudice and undermine the ability of the court to do justice in the case.
“We would be grateful if the recommended measures are immediately taken following the receipt and/or publication of this letter, failing which SERAP shall consider contempt proceedings and/or other appropriate legal actions to compel your government and NNPCL to comply with our request in the public interest,” SERAP stated.
According to SERAP, the Nigerian National Petroleum Company (NNPC) Limited reportedly increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets. The retail price of petrol was increased from ₦897 to ₦1,030 per litre. This is the second increase in one month, following the increase in September from ₦600 to ₦855 per litre.
The Auditor-General of the Federation recently published the 2020 audited report, which revealed that the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and ₦164 billion of oil revenues into the Federation Account. The Auditor-General fears that the money may have been diverted into private pockets.
SERAP last month filed a lawsuit asking President Tinubu’s government and NNPCL to challenge the lawfulness of the increase in the pump price of petrol and the failure to probe allegations of corruption and mismanagement in NNPCL.