The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to compel the Nigerian National Petroleum Company Limited (NNPCL) to reverse the recent hike in petrol prices. In an open letter dated September 7, 2024, SERAP’s deputy director, Kolawole Oluwadare, requested the president to also direct the Attorney General and anti-corruption agencies to investigate alleged corruption within NNPCL.

SERAP cited concerns over the NNPCL’s mismanagement of $300 million in bailout funds and its $6 billion debt to suppliers, which has worsened fuel import issues and led to higher prices. The organization warned of legal action if no steps are taken within 48 hours, arguing that the fuel price increase violates citizens’ rights and worsens poverty.

SERAP emphasized the need for transparency and accountability in the oil sector, calling the price surge a direct consequence of decades of unchecked corruption. The group highlighted NNPCL’s failure to remit billions in oil revenues to the national treasury, as revealed in a 2020 Auditor-General report, and urged action to ensure social justice and protect citizens’ welfare.