The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to instruct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the second petrol price hike within a month, pending the outcome of a case before the Federal High Court in Abuja. The case challenges the NNPCL’s authority to increase fuel prices.
Last month, SERAP filed a lawsuit against President Tinubu and the NNPCL, citing the failure to roll back what they described as an unlawful petrol price increase, while also demanding an investigation into corruption and mismanagement allegations within the NNPCL.
In an open letter dated 12 October 2024, signed by SERAP’s Deputy Director Kolawole Oluwadare, the organization expressed concern that the recent price hike undermines the ongoing court case, potentially hindering justice. The letter stated, “This latest increase in petrol prices mocks the judicial process and risks impeding justice in this matter.”
SERAP emphasized that the rule of law applies to all, including public officials, and highlighted the importance of upholding the authority of the court. The organization argued that allowing the court to hear and decide the case aligns with the Nigerian Constitution, President Tinubu’s oath of office, and his commitment to the rule of law.

The letter also referenced Tinubu’s inaugural promise to govern impartially according to the Constitution, warning that any further price increases during the court proceedings would harm public confidence in the judiciary and undermine justice.
SERAP warned that failure to address their concerns could lead to contempt proceedings or other legal actions aimed at compelling the government and the NNPCL to comply. They stressed that if not reversed, the price hike would have severe consequences for Nigeria’s most vulnerable citizens and erode the integrity of the Constitution.
Finally, the organization underscored the critical importance of protecting judicial processes, which they described as essential to maintaining a just and orderly society.
SERAP has emphasized that for the organization to have a fair and meaningful chance to seek justice, it is essential for the court to be allowed to rule on the merits of the case.
They argue that reversing the most recent petrol price hike would enable the court to make a decision on the key issues and protect SERAP’s rights and interests. SERAP further contends that the latest price increase, while the case is still before the Federal High Court, interferes with their ability to pursue a judicial challenge to the government and NNPCL’s actions regarding the initial price hike.
SERAP noted that the NNPCL recently raised the price of Premium Motor Spirit (PMS), commonly known as petrol, across its outlets, increasing the price from N897 to N1,030 per litre. This marks the second price hike in just one month, following a previous increase in September from N600 to N855 per litre, and in some cases, over N900 per litre. These hikes reportedly stem from a shortage caused by suppliers’ refusal to import petroleum products due to the NNPCL’s $6 billion debt.

Citing the 2020 Auditor-General’s report, SERAP highlighted that the Nigerian National Petroleum Corporation (NNPC) failed to remit over $2 billion and N164 billion in oil revenues to the Federation Account. The Auditor-General expressed concerns that these funds might have been diverted for private gain. NNPCL also reportedly failed to remit N151 billion in royalties from 2020 and deducted the amount without justification. Additionally, $19.7 million in government revenue collected by NNPCL was not remitted to the Federation Account, prompting the Auditor-General to demand its recovery and the investigation of those responsible.
The Nigerian Petroleum Development Company (NPDC) also allegedly failed to account for over $2 billion and N13.3 billion in royalties from crude oil and gas sales. The Auditor-General has called for the recovery of these funds and for suspects to be handed over to the Independent Corrupt Practices Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC).
Last month, SERAP filed a lawsuit against the government and NNPCL, challenging the legality of the petrol price increase and the lack of investigation into corruption allegations within the NNPCL. The case, filed in the Federal High Court in Abuja under suit number FHC/ABJ/CS/1361/2024, also includes the Attorney General of the Federation, Mr. Lateef Fagbemi, SAN, as a respondent.
SERAP contends that the latest petrol price hike undermines their case, as it directly relates to the central issue of the legality of the initial price increase, which the court is set to rule upon. They stress the importance of judicial independence, arguing that judges must be free to hear and decide cases based on the facts and law without any undue interference.
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