In a formal statement released on Thursday, Falana contends that the petroleum company’s actions contravene the stipulations outlined in the Petroleum Industry Act (PIA).
Falana acknowledges the NNPCL’s assertion that the market has undergone deregulation and that market forces now dictate gasoline 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.
“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 which stipulates that the prices of petroleum products shall be determined by market forces,” he said.
Nigerians experienced another unexpected development on Wednesday morning as NNPCL retail outlets raised the petrol pump price in Lagos and the Federal Capital Territory (FCT), Abuja.
In Lagos, our correspondent noted that numerous NNPCL outlets were selling a litre of petrol for ₦998, which is approximately ₦150 more than the previous price of ₦855. This abrupt increase triggered panic buying among motorists and transporters, leading to long queues at filling stations.
Many non-NNPCL filling stations quickly followed suit, adjusting their prices upwards, with some charging as much as ₦1,050 in various areas of Lagos.
In Abuja, the scenario was similar, with NNPCL retail outlets increasing the price of petrol from ₦897 to ₦1,030.
This latest price hike comes on the heels of the increase implemented by NNPCL on September 2, 2024, when the price per litre rose from ₦568 to ₦855, which had already caused significant public discontent.