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Femi Falana Criticizes NNPC’s Price Fixing of Fuel as Illegal
Abuja, Nigeria – Prominent Nigerian lawyer and human rights advocate, Femi Falana (SAN), has condemned the Nigerian National Petroleum Company Limited (NNPCL) for its recent decision to set prices for both imported and locally refined fuel, labeling it illegal and void. In a statement released on Thursday, Falana emphasized that this action violates Section 205 of the Petroleum Industry Act (PIA).
According to Falana, “The NNPCL’s decision to establish prices for both imported and locally refined fuel is not only illegal but also null and void, as it contravenes the provisions of Section 205 of the PIA, which mandates that the prices of petroleum products be determined by market forces.”
He referenced comments made by Mr. Adedapo Segun, the Executive Vice President of Downstream NNPC Ltd, on September 5, 2024, where Segun asserted that the PIA allows for the determination of petroleum prices by free market forces in Nigeria. “He stated that the market has been deregulated, implying that petrol prices are influenced by market dynamics rather than government or NNPC Ltd oversight. Additionally, the fluctuation of the exchange rate plays a crucial role in affecting these prices,” Falana noted.
Despite these assertions, Falana pointed out that the NNPCL had previously established prices for fuel produced by the Dangote Refinery and Petrochemical Company Limited last month, claiming that genuine market forces were not permitted to dictate these prices.
He further accused the NNPCL of repeatedly breaching the legal framework that governs its operations: “Just yesterday, the NNPC Limited announced new pump prices for fuel refined by the Dangote Refinery and Petrochemical Company, yet again, the so-called market forces were sidelined.”
This comes in light of reports by PUNCH Online detailing the Federal Government’s stance on the ongoing dispute between the NNPCL and Dangote Refinery regarding the pricing of Premium Motor Spirit (petrol), stating that it would not intervene in the matter.
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