Falana noted that contrary to the provisions of PIA, NNPCL didn’t allow market forces to determine petrol pump prices
By Kehinde Okeowo
Human rights lawyer, Femi Falana, has said the recent decision of Nigeria National Petroleum Company Limited (NNPCL) to adjust the pump price of Premium Motor Spirit (PMS) otherwise called petrol is illegal.
Nigerians on Wednesday woke up to another hike in pump price of petrol after NNPCL directed its retail outlets to sell between N998 to N1,030 nationwide.
The fresh increase followed the September 2, 2024 increment by the NNPCL, when it directed its retail outlets to increase price per liter of petrol from N568 to N855b in Lagos.
Commenting on the development via a statement he issued on Thursday, Falana said the action of NNPCL contravenes the provisions of the Petroleum Industry Act (PIA).
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The legal luminary also noted that though the NNPCL claimed the market has been deregulated and market forces now determine petrol prices, it fixed the price of fuel refined by the Dangote Refinery and Petrochemical Company Limited last month, adding that the market forces were not allowed to fix the price.
“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,” Falana said.
