A Human Rights Lawyer, Femi Falana, SAN, has exposed the illegality ongoing under the President Bola Tinubu Federal Government,
He stated that since the Nigerian National Petroleum Corporation, NNPC, became a Limited Liability Company, Nigerian National Petroleum Company Limited, only the President now has the power to fix the pump price of petrol, and no longer the NNPC.
Recall, that the NNPC recently increased the pump price of petrol drastically, following President Bola Tinubu’s announcement that the petrol subsidy era is now over, during his May 29, 2023, Inauguration speech.
Reacting however, on Friday, Falana faulted the move, saying that only the Federal Government has the power to fix the price of the product, and that since the current government is yet to appoint a Minister of Petroleum Resources, such responsibility now rests on President Tinubu.
His exact words when he featured on Channels Television’s ‘Politics Today’: “The NNPC has metamorphosed into a limited liability company. It is now NNPC Limited. To that extent, NNPC like Total, Exxon Mobil and Shell, operating in the oil industry, cannot announce an increase in the prices of petroleum products. That duty is vested in the government, and that is what I mean (saying their action is illegal).
“So, you ask the NNPCL: ‘Where have you got the powers to fix the prices of petroleum products, or the price of petrol, this time around, from N185 thereabouts to N540?’ So, how? The clarification is important.”
According to him, the argument that the new prices were dictated by Market forces is flawed.
“No. The visible market forces cannot under the Nigerian Constitution and under the PIA, fix the prices of petroleum.”
“Under the current situation, we have found ourselves, since Ministers have not been appointed and the President is running the country, only the President can so decide for now, because you have the Price Control Act. You have the PIA.
“There is no provision in our Law for market forces to determine the prices of any product in the country.”
More news later…
