The Federal High Court in Lagos issued a directive on Wednesday, instructing the Federal Government to regulate the prices of various goods and petroleum products within a span of seven days.
Justice Ambrose Lewis-Allagoa specifically mandated the government to establish fixed prices for a range of items, including milk, flour, salt, sugar, bicycles and their parts, matches, motorcycles and their spare parts, motor vehicles and their parts, as well as petroleum products such as diesel, Premium Motor Spirit, and kerosene.
The court’s ruling came as a result of a lawsuit (No FHC/L/CS/869/2023) filed by human rights advocate Mr. Femi Falana against the Price Control Board and the Attorney-General of the Federation. Falana sought clarification on whether the government was fulfilling its obligation under Section 4 of the Price Control Act to set prices for specified goods.
In his argument, Falana emphasized the legal requirement for the government to regulate prices and pointed out the failure of the defendants to respond to the suit despite being served with the necessary documents.
Justice Lewis-Allagoa, having considered Falana’s submissions and the absence of a response from the defendants, granted all the reliefs requested in the motion.
In support of the motion, a lawyer in Falana’s chambers, Taiwo E. Olawanle, highlighted the responsibilities of the Price Control Board and the necessity of price regulation to protect consumers from inflation and exploitation by sellers.
The affidavit further illustrated the increasing prices of essential commodities, such as rice, which has surged from N8,000 to N45,000 per bag, causing financial strain on consumers and exacerbating their plight due to the lack of price regulation.
Overall, the court’s decision underscores the urgency of addressing price stability to alleviate the burden on consumers and ensure fair market practices.
