
Renowned human rights lawyer Femi Falana has criticized the Nigeria National Petroleum Company Limited (NNPCL) for unlawfully setting fuel prices.
According to Falana, this action directly contravenes the Petroleum Industry Act (PIA), which mandates that fuel prices should be determined by market forces.
Falana's statement comes in the wake of significant fuel price hikes across major Nigerian cities such as Lagos and Abuja.
On Wednesday, NNPCL retail outlets adjusted petrol prices, causing a litre to sell for N998 in Lagos, up from the previous N855. Similarly, in Abuja, prices surged from N897 to N1,030. These increases have led to panic-buying and long queues at filling stations, exacerbating the situation for consumers.
"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," Falana stated.
He emphasized that despite claims of market deregulation, the NNPCL has not allowed market forces to dictate fuel prices, particularly those refined by the Dangote Refinery and Petrochemical Company Limited.
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