Categories: News

NNPCL Has No Power To Fix Petrol Price – Falana

Human rights lawyer Femi Falana (SAN) has said the Nigerian National Petroleum Company Limited (NNPCL) does not have the power to fix the price of petrol in the country.

Falana was reacting to the price hike of petrol on Tuesday by the national oil company, which saw the second impromptu price review of Premium Motor Spirit (PMS) in under two months.

Advertisement

In a statement on Wednesday, the Senior Advocate of Nigeria said it is illegal and contentious for the NNPCL to adjust the pump price of petrol from N500 to N617 per litre.

Falana cited a Federal High Court judgement which held that by the combined effect of the Petroleum Act, Price Control Act and the Constitution the Federal Government “must always fix the price of petroleum products sold across Nigeria.”

Advertisement

According to him, the Federal Government was dissatisfied with the judgement of the court and filed an appeal at the Court of Appeal.

Falana stated that even though the appeal has not been determined, the NNPCL has usurped the power of the Federal Government to determine and fix the prices of petroleum products in the country.

Advertisement

He said: “Even though the appeal has not been determined, the Nigerian National Petroleum Corporation Limited has usurped the power of the Federal Government to determine and fix the prices of petroleum products in the country.

“It is undoubtedly clear that the action of the NNPCL is illegal and contemptuous since the judgment of the Federal High Court on the subject matter has not been set aside by a higher court.

Advertisement

“It ought to be pointed out that the NNPCL is no longer an agency of the Federal Government but a limited liability company which is regulated by the Nigerian Upstream Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority in charge of the petroleum industry.

“The action of the NNPCL has confirmed that the company has continued to exercise monopoly in the importation and distribution of petrol in the country contrary to the letter and spirit of the Petroleum Industry Act, 2021.

Advertisement

“Having liberalised the petroleum sector the NNPCL lacks the power to fix the prices of petroleum products in any part of Nigeria. It is high time that the NNPCL was restrained from further fixing the prices of petroleum products in the country.”

Advertisement
citynews

Recent Posts

Tinubu promotes Acting Chief of Army Staff, Oluyede to Lt Gen

President Bola Tinubu has promoted the acting Chief of Army Staff, Olufemi Oluyede to the…

3 hours ago

Digital Transformation: Maida, Kekere-Ekun Speak At NCC’s Annual Workshop for Judges in Lagos

Welcome Address Delivered at the 2024 Edition of the Judges Workshop at Sheraton Hotel Ikeja,…

9 hours ago

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

10 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

14 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

14 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

14 hours ago