News
NNPC has no right setting price of Dangote petrol – Falana
NNPC has no right setting price of Dangote petrol – Falana
Human rights lawyer, Femi Falana, SAN, says the Nigerian National Petroleum Company Limited, NNPCL, do not have the power to fix the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation.
Falana said the NNPCL action violated the Petroleum Industry Act, PIA, which stipulated that the price of petrol must be determined by the market forces
In a statement on Tuesday, the legal luminary said it was an aberration for the NNPCL to peg the price of petrol produced and refined in Nigeria at 950 per litre.
“On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act, PIA.
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“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces.
“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.
“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per litre without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties etc,” he said.
Falana’s outburst followed the commencement of PMS lifting by the NNPCL from the Dangote Refinery.
You would recall 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
NNPC has no right setting price of Dangote petrol – Falana
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Community
Monarch Dies Shortly After Being Rescued From Kwara Kidnappers
The Onigbesi of Igbesi Land in Kwara State, Oba Moses Oyinloye Iwedunmoye I, has died days after he was rescued from kidnappers.
The monarch passed away in the early hours of Saturday at a hospital, according to his son, Prince Olasunkanmi, who said his father had been receiving treatment following a brief illness.
“Yes, the news is true. He died after a brief illness following his release. We took him to the hospital, hoping he would survive, but he died there very early this morning,” Olasunkanmi said.
Oba Iwedunmoye was abducted on August 22 when armed men invaded Igbesi community in Isin Local Government Area.
He regained his freedom five days later after security forces launched an operation around the Elerin/Ijomu-Oro area, where three kidnapped victims were found.
The rescue followed a report received at the Oro Police Station from a vigilante member, who alerted authorities after one of his colleagues was shot while operating in the bush.
A combined team of police officers, soldiers and vigilantes was subsequently deployed to the area.
Police said the suspected kidnappers engaged the team in a gun battle after spotting the advancing operatives. One alleged kidnapper was killed during the exchange, while others escaped into the surrounding area.
The security team continued the search and eventually located the three victims, who were evacuated for medical treatment.
News of the monarch’s death was announced by Bisi Fakayode, National President of Omo Ibile Igbomina, who mourned the traditional ruler and prayed for the repose of his soul.
The circumstances surrounding the monarch’s illness and death have not been publicly disclosed beyond his family’s account that he fell ill after his release.
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News
Police Arrest Woman Over Alleged Drug Trafficking in Delta
Police Arrest Woman Over Alleged Drug Trafficking in Delta
A 40-year-old woman, Joy Anthony, has been arrested by the Delta State Police Command over alleged involvement in the illegal drug trade.
Police said operatives attached to the Special Anti-Kidnapping Unit carried out the arrest in Agbor, Ika South Local Government Area, following intelligence received about suspected drug-related activities.
According to the command’s spokesperson, Bright Edafe, officers subsequently obtained and executed a search warrant at Anthony’s residence in Agbor-Obi.
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The search reportedly resulted in the recovery of several suspected illicit substances, including tramadol, codeine, swinol, Canadian loud and weeds suspected to be Indian hemp.
The suspect and the recovered exhibits have been taken into police custody as investigators continue to establish the circumstances surrounding the alleged offence.
Edafe said Anthony would be prosecuted after the investigation is completed.
Police have not disclosed the exact quantities of the substances recovered.
Police Arrest Woman Over Alleged Drug Trafficking in Delta
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News
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