Femi Falana criticises NNPCL petrol pricing after deregulation, stating the company’s actions violate the Petroleum Industry Act by setting prices instead of market forces.
Femi Falana, a Senior Advocate of Nigeria and human rights activist, has criticized NNPCL petrol pricing after deregulation.
He accused the company of violating the Petroleum Industry Act (PIA), specifically Section 205, which mandates that petrol prices should be determined by market forces.
Falana expressed concern about NNPCL fixing petrol prices, particularly for petrol produced locally at the Dangote Refinery.
Read Also: Falana opposes Ngige as he asks FG to pay withheld salaries of UNIZIK lecturers
He noted that since Dangote’s petrol is produced domestically, it should be cheaper than imported fuel. According to Falana, selling petrol at ₦950 per litre goes against the principles of deregulation.
He also criticised the company’s use of dollars to purchase petrol from Dangote Refinery, despite the Federal Executive Council’s directive to use naira for local transactions. Falana pointed out that this violates Section 20 of the Central Bank Act.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) supported Falana’s position, questioning the high cost of locally produced petrol compared to imports.
Falana urged regulatory bodies to ensure that other marketers can access petrol from Dangote Refinery to encourage fair competition.
NNPCL’s decision to price Dangote’s petrol higher than imported products has sparked widespread criticism, raising concerns about the company’s pricing strategy post-deregulation.
Oreoluwa is an accountant and a brand writer with a flair for journalism.
