Rights lawyer, Mr Femi Falana, has said that going by the law setting it up, the Nigeria National Petroleum Company lacks power to fix petroleum prices.
The Senior Advocate in a statement on Thursday noted that, “On September 5, 2024, the Executive Vice President of Downstream NNPC Ltd, Mr. Adedapo Se-
gun, 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 deregu-lated, 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-publicised
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.” Accusing the company of serial violation of the law setting it up, Falana who leads an amalgam of civil society organizations known as Alliance on Surviving COVID-19 and Beyond, (ASCAB), further claimed.
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“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.
“The decisions of the NN-PCL 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.”
