Human rights lawyer, Femi Falana, SAN, says it is illegal for the Nigerian National Petroleum Company Limited, NNPCL, to determine the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation.
Falana , who said this in a statement on Tuesday, added that the action of the NNPCL contravenes Section 205 of the Petroleum Industry Act, PIA. “On September 5, 2024, the Nigerian National Petroleum Corporation Limited stated that foreign exchange illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit governed by unrestrained market forces, as provided for in the Petroleum Industry Act, PIA.
recalls that as soon as lifting commenced, NNPCL announced that the product would sell for N950 per litre in Lagos State and its environs, and above N1,000 per litre in states such as Borno. Reacting, the Independent Petroleum Marketers Association of Nigeria, IPMAN, on Monday, criticised NNPCL, saying it was not right for petrol lifted from the Dangote Refinery to cost higher than imported ones.
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