0 Shares 74 Views

Falana: NNPC’s Fuel Price Fixing is Illegal

gisthub Oct 11, 2024
0 75

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

Military Kills 1,770 Terrorists, Arrests Over 3,000 In North-West – CDS
Government
0 shares9 views

Military Kills 1,770 Terrorists, Arrests Over 3,000 In North-West – CDS

gisthub - Apr 25, 2025

  The Chief of Defence Staff, General Christopher Musa, has disclosed that the Nigerian Armed Forces neutralised at least 1,770 terrorists and arrested…

Bloom PFM earns ISO certification
General
0 shares9 views

Bloom PFM earns ISO certification

gisthub - Apr 25, 2025

Bloom PFM, a Nigerian facility management firm, has earned the ISO 9001:2015 certification, marking a significant step in its pursuit of quality and…

Kenyan Woman Shot Dead By Her Babydaddy After Domestic Squabble In The US
Crime
0 shares7 views

Kenyan Woman Shot Dead By Her Babydaddy After Domestic Squabble In The US

gisthub - Apr 25, 2025

A tragic incident occurred in the United States on Tuesday, April 22, 2025, when Hulda Bochere Mosiori, a 42-year-old mother of four from…

Leave a Comment

Your email address will not be published.

Most from this category