Veteran Human Rights lawyer, Femi Falana has reacted to the recent hike in petrol prices.

Falana in a statement on Thursday, October 100 said it is illegal to for the Nigeria National Petroleum Company Limited, NNPCL, to fix petrol prices indication that it contravenes the provisions of the Petroleum Industry Act, PIA.

According to him, the NNPCL were not truthful with its claims that the market has been deregulated and
market forces now determine petrol prices. Recall the NNPCL fixed the price of fuel refined by the Dangote Refinery and Petrochemical Company Limited last month.

“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 woke up on Wednesday, October 9 to NNPCL stations adjusting the pump price of petrol in Lagos and the Federal Capital Territory, FCT, Abuja.

In Lagos, the pump-price moved from N855 to N988 indicating there was a N150 increase.

The sudden hike caused panic among motorists and transporters in panic-buying mode as snake-like queues have besieged filling stations.