Human rights lawyer, Femi Falana, says it is illegal for the Nigeria National Petroleum Company Limited (NNPCL) to fix petrol prices.
In a statement on Thursday, Falana said the action by the petroleum company contravened the provisions of the Petroleum Industry Act (PIA).
Falana said though the NNPCL claimed the market has been deregulated and market forces now determine petrol prices, “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”.
“Yesterday (Wednesday), 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.
Credit: The Nigeria Lawyer