Human rights lawyer Femi Falana has condemned the Nigeria National Petroleum Company Limited (NNPCL) for setting petrol prices, stating that the action violates the Petroleum Industry Act (PIA).
In a statement on Thursday, Falana argued that the NNPCL’s involvement in fixing fuel prices, particularly for petrol refined by the Dangote Refinery, contradicts its claim that market forces now determine the cost of petroleum products.
Falana highlighted that despite the NNPCL’s assertion that the market has been deregulated, it took control of pricing, which goes against the principles of a deregulated market outlined in the PIA. He pointed out that the law mandates that prices be influenced by competitive market dynamics, and not by the petroleum company.
The lawyer called for adherence to the provisions of the PIA to ensure transparency and fairness in the pricing of petrol in Nigeria.
“The Nigeria National Petroleum Company Limited announced new pump prices of fuel refined by the Dangote Refinery and Petrochemical Company. Once again, the so-called market forces were not allowed to fix the new prices of fuel.”
“The decisions of the NNPCL to fix the prices of imported fuel and locally refined fuel are illegal, nullity and void as they contravene the provisions of section 205 of the Petroleum Industry Act which stipulates that the prices of petroleum products shall be determined by market forces,” he said.
Recall that Nigerians woke up to another shocker on Wednesday morning when NNPCL retail outlets adjusted the pump price of petrol in Lagos and the Federal Capital Territory, FCT, Abuja.
In Lagos, it was observed that many NNPCL outlets sold a litre of the essential commodity for N998, about N150 higher than the initial price of N855.
The sudden increase set motorists and transporters in panic-buying mode as snake-like queues have besieged filling stations.
Many filling stations not owned by the NNPCL immediately followed suit as they also incrementally adjusted their pump prices, with many selling as high as N1,050 in many parts of Lagos.
In Abuja, the situation was not any different as NNPCL retail outlets hiked the price of the essential commodity from N897 to N1,030.
The fresh increase followed the September 2, 2024 increase by the NNPCL.
The retail company had hiked the price per litre of petrol from N568 to N855, sparking outrage.Human rights lawyer, Femi Falana, has said that it was illegal for the Nigeria National Petroleum Company Limited (NNPCL) to fix petrol prices.
