Femi Falana, a prominent Nigerian lawyer and human rights activist, has criticized the Nigeria National Petroleum Company Limited (NNPCL) for setting fuel prices, labeling these actions as illegal and against the Petroleum Industry Act (PIA). According to Falana, Section 205 of the PIA specifies that fuel prices in Nigeria should be determined by market forces, not by any governmental or corporate body.
Falana referenced a statement by Adedapo Segun, the Executive Vice President of Downstream at NNPCL, who reiterated that fuel prices should be subject to free market dynamics following the deregulation of the sector. However, Falana pointed out that NNPCL has been fixing prices, especially regarding fuel refined by the Dangote Refinery, rather than allowing market forces to take their course. He argued that these actions violate the law that established NNPCL and the deregulation principles in the PIA.
This situation highlights ongoing tensions between the NNPCL, the government, and private players like Dangote Refinery over fuel pricing, with the Federal Government distancing itself from intervening in the pricing dispute.
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