As Nigerians are reeling from the latest fuel price increase, human rights lawyer Femi Falana has joined the chorus of dissent, stating unequivocally that the Nigeria National Petroleum Company Limited (NNPCL) has no legal right to fix petrol prices.
“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 said in a statement, on Thursday.
This assertion comes on the heels of the NNPCL’s announcement of new pump prices for fuel refined by the Dangote Refinery and Petrochemical Company.
Falana pointed out the inconsistency in the NNPCL’s claims of deregulation, stating, “The so-called market forces were not allowed to fix the price” of fuel refined by Dangote Refinery last month, and similarly, “the so-called market forces were not allowed to fix the new prices of fuel” this week.
The latest price hike has seen petrol sell for ₦998 per liter in Lagos, a ₦150 increase from the previous price of ₦855. In Abuja, the price jumped from ₦897 to ₦1,030. This increase follows closely on the heels of the September 2, 2024, price hike, which saw prices rise from ₦568 to ₦855.
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Motorists and transporters have been thrown into panic-buying mode, with long queues forming at filling stations. Many independent filling stations have also adjusted their prices, selling as high as ₦1,050 in some areas.
Falana’s statement highlights the growing discontent among Nigerians regarding the government’s handling of the fuel sector.
The NNPCL’s actions have sparked widespread criticism, with many calling for reforms and greater transparency in the fuel sector.
Falana emphasized, the Petroleum Industry Act clearly stipulates that prices should be determined by market forces, not by the NNPCL.
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