Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct the Nigerian National Petroleum Company Limited to immediately reverse the latest hike in petrol prices within a 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.

SERAP in a statement by Deputy Director, Kolawole Oluwadare, on Sunday, said it had last month filed a lawsuit against the President and NNPCL “over the failure to reverse the unlawful increase in the pump price of petrol, and to probe the allegations of corruption and mismanagement in the NNPCL.”

The group stated that 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.”

It added that, “One of the fundamental principles of the rule of law is that it applies to everyone, including presidents and CEOs of public institutions.

“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.”

SERAP stressed that 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 added, “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.”

It also warned that if the latest fuel price hike is not immediately reversed, it would seriously undermine the integrity of the Nigerian Constitution and have serious consequences for the most vulnerable and disadvantaged citizens and public interest.

The statement pointed out that protecting the right to a judicial recourse and due administration of justice is of utmost importance, being the cornerstone of an ordered society.

It said 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.

According to SERAP, 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,” it stated.

SERAP noted that the Nigerian National Petroleum Company Limited had recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets, saying that 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, now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”

SERAP further stated that the NNPCL had failed to account for missing public funds, pointing out that the Auditor-General wants the money recovered and remitted into the Federation Account.

It stated, “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.”

The organisation stressed that increasing petrol prices would compromise the interest of the Applicant in the Federal High Court case filed against the Federal 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 based on facts and in accordance with the law, without any improper interference, direct or indirect,” SERAP noted.

The Federal Government has announced plans to unveil a 15 million-litre aviation fuel depot in Lagos State on October 17, 2024.

This announcement was made by the Group Managing Director of Masters Energy and Chairperson of the JUHI-2 Board, Mrs. Patience Dappa, via a statement on Thursday.

Dappa revealed that the Joint User Hydrant Installation 2 (JUHI-2), which she described as the largest airside jet fuel depot in Nigeria, will mark a significant transformation for the nation’s aviation sector.

She disclosed that the facility will be located near Murtala Muhammed International Airport, Lagos, and will serve as a storage and supply hub for the airport and other nearby airbases.

Dappa stated, “The Nigerian aviation industry is poised for a significant transformation with the upcoming commissioning of the Joint User Hydrant Installation 2, the country’s largest airside jet fuel depot. The facility will officially open on October 17, 2024, at the JUHI-2 Facility located off the Murtala Muhammed International Airport road, Lagos.

“The depot will serve as a crucial storage and supply hub for jet fuel, ensuring a steady fuel supply to Murtala Muhammed International Airport, MMA2, MMA1, and nearby airbases.”

Meanwhile, the Managing Director/Chief Executive Officer of Eterna Plc and Chairman of the JUHI-2 Commissioning Committee, Abiola Lawal, described the facility as a state-of-the-art depot, adding that it will meet fuel demands and enhance aviation operations in the country.

Lawal revealed that the depot will be unveiled by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

According to him, “This state-of-the-art depot will significantly enhance aviation operations, meeting the fuel demands of a wide range of flight activities.

“The commissioning event will be attended by key stakeholders from the aviation and energy sectors and will be officially presided over by the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, and the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.

“JUHI-2 is a joint venture between Eterna Plc, Masters Energy, Techno Oil, Quest Oil, Rahamaniyya, Ibafon Oil, and First Deep Water Limited.

The facility spans 46,000 square meters and boasts a storage capacity of 15 million litres of Jet A1 fuel.

“Its cutting-edge design includes the latest filtration systems, the ability to load four bowsers simultaneously, a jet fuel discharge system with four dedicated trucks, a modern laboratory, and state-of-the-art fire prevention measures. The depot’s advanced operational support facilities position it as the best of its kind in Nigeria.”

Oil prices settled lower on Friday with Brent crude oil futures settled down 36 cents, or 0.45%, at $79.04 a barrel, while the US West Texas Intermediate (WTI) crude futures settled down 29 cents, or 0.38%, to $75.56 per barrel.

Investors weighed factors such as possible supply disruptions in the Middle East and Hurricane Milton’s impact on fuel demand in Florida.

For the week, however, both benchmarks rose by more than 1 percent.

Market analysts warned that development over Israel continues to hold over the market even after weeks since Iran’s massive missile attack.

There are talks that if Israel destroys Iran’s oil and gas infrastructure, prices will rise.

Crude benchmarks spiked so far this month after Iran launched more than 180 missiles against Israel on October 1, raising the prospect of retaliation against Iranian oil facilities.

However, Israel has yet to respond.

US President Joe Biden has warned Israel against hitting oil facilities in Iran, one of the world’s biggest producers.

Iran has warned that any attack on its infrastructure would provoke an even stronger response, with analysts warning that it could resort to placing pressure on important transit chokepoints like the Strait of Hormuz.

For years, Iran has threatened to block the strategic Strait of Hormuz, through which around 20% of the world’s oil supply flows.

A major disruption to the flow of oil and gas from the Middle East would affect the Chinese economy, which has faced its own challenges.

China imports an estimated 1.5 million barrels of oil a day from Iran, accounting for 15% of its oil imports from the region.

Weather development in the US weighed on prices as Hurricane Milton blew through Florida, leading to petrol shortages as drivers stocked up ahead of the hurricane.

There are indications that the destruction could go on to dampen fuel consumption in the hurricane’s aftermath.

Florida is the third-largest petrol consumer in the US, but there are no refineries in the state, making it dependent on waterborne imports.