Economy
Tinubu Called To Action: SERAP Demands Reversal Of Latest Petrol Price Increase Pending Court Decision
Tinubu Called To Action: SERAP Demands Reversal Of Latest Petrol Price Increase Pending Court Decision. The Socio-Economic Rights and Accountability Project (SERAP) is demanding an immediate reversal of the latest increase in the price of petrol.....KINDLY READ THE FULL STORY HERE▶
The organisation urged President Bola Tinubu “to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the second increase in petrol prices in one month, pending the hearing and determination of the suit before the Federal High Court, Abuja challenging the legality of the powers of the NNPCL to increase petrol prices.”
The latest increase has seen NNPCL outlets in Lagos sell a litre of petrol for ₦998 from the initial price of ₦855, while in Abuja, it went to ₦1,030 from ₦897.
In other filling stations, the price of the product goes for as much as ₦1,050 in some parts of Lagos State.
SERAP had last month filed a lawsuit against the president and NNPCL “over the failure to reverse the apparently unlawful increase in the pump price of petrol, and to probe the allegations of corruption and mismanagement in the NNPCL.”
In its open letter dated 12 October 2024 and signed by its deputy director Kolawole Oluwadare, SERAP said, “The latest increase in petrol prices makes a mockery of the case pending before the Federal High Court, and creates a risk that the course of justice will be seriously impeded or prejudiced in this case.”
In the letter made available to Channels Television on Sunday, SERAP said, “One of the fundamental principles of the rule of law is that it applies to everyone, including presidents and CEOs of public institutions.”
According to SERAP, “It is in the public interest to keep the streams of justice clear and pure, and to maintain the authority and integrity of the court in the case.”
The organisation also said, “Allowing the Federal High Court to hear and determine the case would be entirely consistent with the letter and spirit of the Nigerian Constitution 1999 [as amended], your oath of office and oft-repeated promises to uphold the rule of law.”
The letter read in part: “SERAP notes that since assumption of office in May 2023 you have repeatedly promised, including in your inaugural speech, that ‘Nigeria will be impartially governed according to the Constitution and the rule of law.’”
“Increasing petrol prices while the Federal High Court case is pending would prejudice and undermine the ability of the court to do justice in the case, damage public confidence in the court, prejudice the outcome of the case, as well as impede the course of justice.”
“We would be grateful if the recommended measures are immediately taken following the receipt and/or publication of this letter, failing which SERAP shall consider contempt proceedings and/or other appropriate legal actions to compel your government and NNPCL to comply with our request in the public interest.”
“If not immediately reversed, the latest increase in petrol prices would seriously undermine the integrity of the Nigerian Constitution and have serious consequences for the most vulnerable and disadvantaged Nigerians and the public interest.”
“Protecting the right to a judicial recourse and due administration of justice is of utmost importance, being the cornerstone of an ordered society.”
“The only way in which SERAP can have a fair and effective access to justice in this matter is to allow the court to decide, one way or the other, on the merits of the case before it.”
“Reversing the latest increase in petrol prices would allow the court to render a decision on the central issues in the case, and protect the applicant’s rights and interests.”
“The latest increase in petrol prices while the Federal High Court case is pending constitutes an interference with the right of SERAP to fairly and effectively pursue a judicial challenge to the decision by your government and NNPCL regarding the first increase in petrol prices.”
“According to our information, the Nigerian National Petroleum Company (NNPC) Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.”
“The retail price of petrol was increased from N897 to N1,030 per litre. This is the second increase in one month, and followed the increase in September from N600 to N855 per litre, and in some instances above N900 per litre.”
“The two increases followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.”
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and N164 billion of oil revenues into the Federation Account. The Auditor-General fears that the money may have been diverted into private pockets.”
“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”
“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.”
“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue to the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.”
“The Nigerian Petroleum Development Company (NPDC) Ltd also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.”
“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.”
“SERAP last month filed a lawsuit asking your government and NNPCL challenging the lawfulness of the increase in the pump price of petrol, and the failure to probe the allegations of corruption and mismanagement in the NNPCL.”
“Joined in the suit as Respondents is the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN. The suit number FHC/ABJ/CS/1361/2024 was filed at the Federal High Court, Abuja.”
“Increasing petrol prices would compromise the interest of the Applicant in the Federal High Court case filed against your government and the NNPCL, as the second increase in one month directly touches on the central issues and the legality of the first increase, which the court is set to determine and rule upon.”
“The core of the principle of judicial independence is the complete liberty of the judge to hear and decide the cases before them on the basis of facts and in accordance with the law, without any improper interference, direct or indirect.
Despite a significant drop in global crude oil prices—with Brent falling to $73.14 and WTI to $69.85—petrol prices in Nigeria remain stubbornly high. While global markets have stabilized following the US-Iran conflict, domestic pump prices have barely budged, hovering between ₦1,200 and ₦1,300 per litre.....KINDLY READ THE FULL STORY HERE▶
Although industry insiders argue that ex-depot prices should be closer to ₦700, experts warn that a direct price drop is unlikely. Dr. Ayodele Oni, an oil and gas analyst, explains that in a deregulated market, the naira’s exchange rate is just as critical as the price of crude. He emphasizes that while falling crude prices help, the cost of petrol will only truly stabilize if the naira remains strong, as refined product imports are dollar-denominated. Consequently, relief for the average Nigerian may remain elusive unless both crude prices and the currency improve simultaneously.
Option 2: Accessible and Direct (Best for blogs or general reading)
Global oil prices are nearing pre-conflict levels, but Nigerians aren’t seeing the expected relief at the pump. Even though international oil benchmarks have dropped significantly since the US-Iran tensions cooled, local fuel prices remain stuck at ₦1,200 to ₦1,300 per litre.
Many marketers believe pump prices should be much lower, suggesting a price point closer to ₦700 per litre given current market conditions. However, analysts caution that it isn’t that simple. Because Nigeria’s fuel market is deregulated and reliant on imported refined products, the value of the naira is a major factor. Essentially, even if the price of crude oil falls, the cost of petrol will stay high as long as the dollar remains expensive against the naira. For now, experts believe that significant price relief depends as much on currency stability as it does on global oil trends.
Key Takeaways (Bullet Points)
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The Disconnect: Global oil prices have returned to pre-conflict levels, yet domestic petrol prices remain high (₦1,200–₦1,300 per litre).
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The Expectation: Marketers and the public believe current crude prices warrant a drop to around ₦700 per litre at the depot level.
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The Complication: Experts note that the deregulation of the sector means the naira-to-dollar exchange rate is now a more powerful driver of pump prices than global crude costs alone.
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The Outlook: Relief for consumers is unlikely to happen based on oil prices alone; it requires a combination of lower crude costs and a more stable naira.
Despite a significant shift toward domestic production and a drop in imports, the price of Liquefied Petroleum Gas (LPG) has surged to ₦2,000 per kilogram in various parts of Nigeria. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicates that local facilities—including the Dangote Petroleum Refinery—have become the primary suppliers of LPG between April 2025 and April 2026, with daily domestic supply reaching 4,500 tonnes by April 2026. Conversely, imports have plummeted, falling from 1,600 tonnes per day in November 2025 to just 200 tonnes per day by March 2026.....KINDLY READ THE FULL STORY HERE▶
Market Challenges and Consumer Hardship
Even with consistent local output, consumers are facing prohibitive costs and localized shortages, leading many households to abandon gas in favor of charcoal and firewood. Key issues contributing to the crisis include:
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Supply Chain Barriers: Marketers report that sourcing the product has become increasingly difficult, and they are now paying between ₦25.2 million and ₦26.2 million for 20 metric tonnes of LPG.
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Economic Impact: The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) stated that these high costs are causing severe hardship for families, food vendors, and small businesses.
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Policy Setbacks: Stakeholders warn that these trends threaten to reverse years of progress in promoting clean energy adoption and may lead to increased environmental damage.
Infrastructure Progress
While market prices remain high, the Nigerian Gas Infrastructure Company reports that several critical projects designed to improve gas transportation are nearing completion. As of the latest data:
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The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project is 93.40% complete.
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The OB3 River Niger Crossing stands at 93.88% completion.
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The ELPS Midline Compressor Project has reached 94.45% completion.
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The Odidi-Warri Expansion Project is 70.28% complete, while the Escravos-Odidi project is in its early stages at 17.49%.
Despite this infrastructure progress, industry experts emphasize that addressing distribution bottlenecks remains essential, as increased domestic production alone has so far failed to lower retail prices for the average Nigerian.
Is there a specific aspect of this situation—such as the infrastructure projects or the marketers’ stance—that you would like to explore further?
Economy
REVOLUTIONIZING THE SKIES: How Nigeria’s New $7 Billion AfDB Deal Will Transform Air Travel Forever!.
Nigeria has officially signed a Letter of Intent with the African Development Bank (AfDB) to advance aviation development across the continent. Minister of Aviation and Aerospace Development, Festus Keyamo, formalized the agreement during a dialogue in Brazzaville, Congo, where he served as the African Champion of the AfDB’s Integrated Aviation Transformation Programme.....KINDLY READ THE FULL STORY HERE▶
During the session, Minister Keyamo showcased President Bola Tinubu’s “Renewed Hope Agenda,” emphasizing the need for capital to support key infrastructure and the newly established Nigeria Aircraft Leasing Company. To attract this investment, the Minister highlighted Nigeria’s recent regulatory reforms, including the domestication of the Cape Town Convention and updates to insurance frameworks. In response, AfDB President Dr. Sidi Ould Tah pledged the bank’s support for the programme, signaling a shared commitment to strengthening aviation finance and infrastructure throughout Africa.
Nigeria Moves to Boost Aviation Sector Through AfDB Partnership
Nigeria has taken a major step toward modernizing its aviation industry by signing a Letter of Intent with the African Development Bank (AfDB). Aviation Minister Festus Keyamo, representing the country in Brazzaville, Congo, utilized the platform to present Nigeria’s aviation roadmap under President Tinubu’s “Renewed Hope Agenda.”
A core focus of the discussion was the Nigeria Aircraft Leasing Company, which is expected to improve aircraft financing for local operators. Minister Keyamo assured stakeholders that Nigeria is ready for increased investment, citing significant reforms such as the domestication of the Cape Town Convention and modernized insurance policies. The AfDB has signaled strong support for these initiatives, agreeing to collaborate on the Integrated Aviation Transformation Programme to drive sustainable growth for Nigeria and the wider African aviation market.
Option 3: Short & Punchy (Best for social media or newsletters)
Nigeria is accelerating its aviation growth through a new partnership with the African Development Bank (AfDB). Aviation Minister Festus Keyamo recently signed a Letter of Intent in Brazzaville to unlock funding for the sector, specifically targeting the new Nigeria Aircraft Leasing Company. By implementing key reforms—like the domestication of the Cape Town Convention—Nigeria is positioning itself as a hub for aviation investment. The AfDB has officially pledged its support, marking a key milestone in efforts to modernize air travel infrastructure across the African continent
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