The Socio-Economic Rights and Accountability Project has urged President Bola Tinubu to direct the Nigerian National Petroleum Company Limited to immediately reverse the second increase in petrol prices in one month.
This is as the group had sued the NNPCL, challenging the legality of its powers to increase petrol prices and awaiting the verdict of the suit before the Federal High Court in Abuja.
SERAP, a non-governmental and advocacy group, issued the statement on its X account on Sunday morning, noting that the rule of law must prevail.
“We’ve urged President Tinubu to immediately reverse the second increase in petrol prices in one month, pending court verdict in our suit before the Federal High Court, Abuja on the subject-matter,” SERAP said.
Read also: Persistent petrol price hike deepens citizens’ economic struggles
“The rule of law applies to everyone, including presidents,” it added.
In the space of two months the state-owned oil company had jacked up pump prices by almost 50 percent with a litre of petrol now costing N988 to N1,300.
The recent hikes, according to experts, is expected to deepen the economic pressures many Nigerians were already contending with.
Transport fares had immediately jumped, forcing many to stay in their homes, limiting productivity and by extension, growth.
Many analysts believe that the new petrol prices are the expected prices upon removal of subsidy, noting that the country’s now really ended the subsidy regime.
They are however of the opinion that money pumped into subsidies would be used to enhance the needed growth through infrastructural development.
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