Human rights lawyer Femi Falana has declared that the Nigeria National Petroleum Company Limited’s (NNPCL) practice of fixing petrol prices is illegal and contradicts the Petroleum Industry Act (PIA).
Falana emphasized that the PIA stipulates market forces should determine petroleum product prices, yet the NNPCL fixed prices for fuel refined by the Dangote Refinery and Petrochemical Company Limited.
According to Falana, “The decisions of the NNPCL to fix the prices of imported and locally refined fuel are illegal, null and void as they contravene the provisions of section 205 of the Petroleum Industry Act.”
This statement comes after the NNPCL recently increased pump prices in Lagos and Abuja.
In Lagos, prices jumped from N855 to N998 per liter, while in Abuja, prices rose from N897 to N1,030.
Falana’s criticism is timely, considering the NNPCL’s history of price adjustments.
Just last September 2, 2024, the company hiked prices from N568 to N855 per liter.
Nigerians continue to wail over the constant hike in fuel prices, at the moment, their cries are unheard and unattended to.
