Femi Falana, a human rights lawyer, stated that it was unconstitutional for the Nigeria National Petroleum Company Limited, or NNPCL, to control petrol prices.
Falana stated in a statement on Thursday that the petroleum company’s actions violated the terms of the Petroleum Industry Act (PIA).
The human rights lawyer stated that, despite the NNPCL’s claims that the market has been deregulated and that market forces now determine petrol prices, the NNPCL fixed petrol prices refined by the Dangote Refinery and Petrochemical Company Limited last month, adding that market forces were not permitted to fix the price.
He said:
“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.”
Recall that Nigerians were caught off guard again on Wednesday morning when NNPCL retail locations in Lagos and the Federal Capital Territory, FCT, Abuja, altered the pump price of petrol.
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cc: Daily Post Ng
