Falana: NNPC’s Fuel Price Fixing is Illegal
Nigerian lawyer and human rights activist Femi Falana (SAN) has criticized the Nigerian National Petroleum Company for its decision to set prices for both imported and locally refined fuel, deeming these actions illegal and void.
In a statement released on Thursday, Falana noted that this move violates Section 205 of the Petroleum Industry Act.
“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
He added, “On September 5, 2024, the Executive Vice president of Downstream NNPC Ltd, Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Limited stipulates that petroleum prices are determined by free market forces in Nigeria.
“According to him, ‘the market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.
“But contrary to the well-publicized statement, the NNPCL fixed the price of fuel refined by the Dangote Refinery and Petrochemical Company Limited last month. The so-called market forces were not allowed to fix the price.”
He accused the company of repeatedly violating the law that established it.
“Yesterday, 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.”
You may be interested
Osun Govt Confirms Arrest of Head of Police Anti-Kidnapping Squad
gisthub - Nov 20, 2024Osun State Governor, Ademola Adeleke, has announced that the Inspector General of Police, Kayode Egbetokun, has ordered the immediate arrest and prosecution of…
South African Woman and Husband Convicted of Killing Her Ex-Boyfriend for Insurance Money
gisthub - Nov 20, 2024A South African couple has been found guilty of murdering the wife's ex-boyfriend, burning his body, and later claiming over R500,000 from his…
UNICEF – 95 Million Nigerians Lack Access to Sanitation Services
gisthub - Nov 20, 2024The United Nations Children's Fund (UNICEF) has reported that over 95 million Nigerians do not have access to sanitation services. Olusoji Akinleye, the…
Most from this category
Our Picks
Most Popular
Leave a Comment