SERAP Calls on Tinubu to Reverse Petrol Price Hike Amid Pending Court Verdict

SERAP Calls on Tinubu to Reverse Petrol Price Hike Amid Pending Court Verdict. The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Nigerian National Petroleum Company Limited (NNPCL) to reverse the second petrol price hike within a month, pending the outcome of a lawsuit filed at the Federal High Court, Abuja. SERAP’s lawsuit challenges the NNPCL’s authority to increase fuel prices.

In a statement released by Kolawole Oluwadare, SERAP’s Deputy Director, the organization emphasized that the price hike undermines the ongoing legal proceedings, as well as public confidence in the judiciary. SERAP argues that the Federal High Court should be allowed to deliver a ruling on the legality of the price increase without interference.

SERAP warned that allowing the price hike to stand could damage public trust, worsen economic conditions for vulnerable Nigerians, and violate the Nigerian Constitution. Furthermore, SERAP pointed out allegations of corruption within NNPCL, citing the failure to remit over $2 billion in oil revenues and N164 billion into the Federation Account.

SERAP has urged the court to ensure justice by reversing the price hike and probing the mismanagement claims. The organization vowed to pursue legal action if the government fails to act.

This development raises important concerns about governance, transparency, and the protection of citizens’ rights as fuel prices continue to surge amidst economic challenges.