- Senior Advocate of Nigeria, Femi Falana has explained why it is illegal for the NNPCL to determine petrol prices
- Falana said NNPCL determining the price of petroleum products in the country violates section 205 of the Petroleum Industry Act (PIA)
- He said the petroleum sector has been deregulated as such prices should be determined by market forces
Falana said NNPCLs action violates section 205 of the Petroleum Industry Act (PIA).
Photo credit: @MKKyari, Aliko DangoteSource: UGCIt’s illegal for NNPCL to fix petrol priceBut contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL can not justify the sale of petrol at N950 per litre without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties etc. In fact, by selling the petrol produced by Dangote Refinery at a higher price, the NNPCL has confirmed its resolve to continue to sabotage the national economy through the reckless importation of cheaper petrol from foreign countries at a cost that the nation cannot afford.”NNPC updates Dangote petrol pricing
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