President Tinubu has been urged to reverse the recent petrol price hike within 48 hours, as pressure mounts over fuel costs.

President Bola Tinubu has received a request to promptly intervene by directing the Nigerian National Petroleum Company Limited (NNPCL) to reverse their recent hike in petrol prices within 48 hours.

On Sunday, the Socio-Economic Rights and Accountability Project (SERAP) declared that the increase was illegal and unconstitutional.

SERAP’s Deputy Director, Kolawole Oluwadare stated in a release that the group urged Tinubu to instruct Lateef Fagbemi, SAN (the Attorney General) and other relevant anti-corruption bodies to investigate accusations of corruption and mismanagement within NNPCL.

The investigation will encompass an examination of the NNPCL’s utilization of a $300 million financial assistance from the federal government in August 2024, as well as its outstanding debt amounting to $6 billion owed to suppliers.

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Emphasizing the need for accountability, SERAP has underscored that legal actions must be taken against those culpable of corruption within NNPCL and their illegitimate gains should also be recovered. Furthermore, increasing petrol prices not only infringes on constitutional rights but also aggravates Nigeria’s already burgeoning poverty and inequality issues as stated by the organization.

The oil sector corruption in Nigeria has subjected its citizens to enduring hardships, with the culprits remaining unpunished. According to SERAP, instead of implementing measures to reduce poverty rates, the government’s recent increase in petrol prices only adds more difficulties for lower-income individuals.

Instead of considering the price hike as an inevitable outcome, SERAP contended that it was a consequence of long-standing misconduct and misadministration rampant across the oil sector. As such, they demanded higher transparency levels coupled with accountability measures; beckoning on government authorities to hold NNPCL accountable for its conduct.

It was further stated that the increase in prices has a greater impact on those who are most vulnerable, leading to an increase in poverty and compounding economic difficulties.

Within 48 hours, the government has been implored by SERAP to promptly retract the price hike or risk facing possible legal implications.

The group pointed out that the Nigerian Constitution mandates the government to protect its citizens’ well-being and guarantee access to fundamental resources. They contended that by raising petrol prices, these rights are endangered, thus undermining fairness in society.

SERAP has added that the continuous hike in petrol prices contributes to aggravating poverty and inequality in Nigeria. They have requested a comprehensive scrutiny of NNPCL’s activities and urged punishment for guilty individuals involved in corrupt practices.

ESPRAP reiterated that it is in the public’s interest to reverse the petrol price hike while also tackling corruption within NNPCL as this aligns with Nigeria’s legal and constitutional obligations.