By Uzair Adam
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to take swift action in reversing the recent increase in the price of premium motor spirit (PMS), commonly known as petrol, at Nigerian National Petroleum Company Limited (NNPCL) outlets.
In an open letter dated September 7, 2024, signed by SERAP Deputy Director Kolawole Oluwadare, the organization deemed the price hike unlawful and a violation of constitutional and international human rights obligations.
SERAP also called for a thorough investigation into allegations of corruption and mismanagement within the NNPC, specifically regarding the reported $300 million bailout funds received from the Federal Government in August 2024 and the company’s $6 billion debt to suppliers.
The letter highlighted concerns over NNPC’s failure to remit oil revenues to the treasury, despite the company’s significant financial issues.
The group expressed concerns that the petrol price increase, which has pushed prices up to N855 per liter at some outlets, is exacerbating the already severe economic hardships faced by Nigerians.
SERAP further noted that the price hike disproportionately impacts the most vulnerable citizens, jeopardizing their living conditions and undermining their basic human rights.
SERAP warned that if no action is taken within 48 hours of the receipt of the letter, it will consider taking legal measures to compel the government to address the situation.