SERAP Urges Tinubu to Reverse Petrol Price Hike.

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to reverse the recent increase in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL). This call was made in response to what SERAP describes as an “unlawful and unconstitutional” hike in the pump price of petrol. Here’s a summary of the situation based on the latest information:

Petrol Price Increase: The NNPCL had reportedly increased the price of petrol significantly, with some reports mentioning prices jumping from around N600 per litre to as high as N900 per litre in some instances.
SERAP’s Demands:
SERAP has given President Tinubu a 48-hour ultimatum to reverse this price hike. They argue that this increase breaches constitutional guarantees and international human rights obligations, especially amidst economic hardships faced by citizens.
They also requested an investigation into allegations of corruption and mismanagement within the NNPCL, pointing out that the company had not remitted significant oil revenues to the public treasury and had incurred debts despite these financial discrepancies.
Reasons for the Demand:
SERAP highlighted that the price hike stems from systemic issues like corruption in the oil sector, lack of transparency, and mismanagement, which they believe successive governments have failed to address adequately.
They emphasized that such increases are not inevitable but are outcomes of these unresolved issues, effectively punishing the poor rather than addressing the root causes.
Public Sentiment: From posts on X, there’s a mix of support for SERAP’s stance and skepticism about the effectiveness of such demands without immediate action. The public discourse reflects frustration over the recurring theme of fuel price hikes and the broader implications on the cost of living.
Government and NNPCL Response: As of the latest updates, there hasn’t been an official response from President Tinubu or the NNPCL directly addressing SERAP’s demands. However, the topic has sparked significant discussion on the need for transparency, accountability, and effective governance in Nigeria’s oil sector.

This situation underscores ongoing tensions between public welfare, governance, and economic policy in Nigeria, particularly concerning the management of oil revenues and pricing strategies that directly impact the cost of living for millions.