The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Nigerian National Petroleum Company Limited (NNPCL) to reverse its recent hike in the price of premium motor spirit (PMS), commonly known as petrol.
SERAP described the price increase as “illegal and unconstitutional” and has called for an immediate reversal.
In a statement issued by its Deputy Director, Kolawole Oluwadare, SERAP also called on the President to instruct the Attorney General and anti-corruption agencies to investigate allegations of corruption within the NNPCL.
These allegations include the mismanagement of $300 million in bailout funds and the company’s $6 billion debt to suppliers, alongside claims that the NNPCL has failed to remit oil revenues to the public treasury.
SERAP argues that the price hike violates constitutional and international human rights obligations, pushing more Nigerians into poverty. The group demanded accountability in the oil sector, calling for the prosecution of those involved in corruption and the recovery of any illicitly obtained funds.
The organization emphasized that the petrol price increase disproportionately affects the poorest Nigerians and further deepens the country’s growing inequality.
SERAP has given the government 48 days to act on its recommendations, after which it plans to pursue legal action if no measures are taken.
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