In a pivotal ruling, the Federal High Court sitting at Ikoyi, Lagos, has mandated the federal government to establish the prices of essential goods and petroleum products within a stringent deadline of 7 days.
The directive came from Justice Ambose Lewis-Allagoa on Wednesday, February 7, following a suit filed and argued by prominent human rights activist, Mr. Femi Falana SAN, against the Price Control Board and the Attorney-General of the Federation.
Falana’s legal action questioned whether the Price Control Board had fulfilled its statutory obligation under Section 4 of the Price Control Act to impose prices on specified goods.
He further sought declarations and orders for the pricing of various vital items, including bicycles, spare parts, flour, matches, milk, and petroleum products.
Notably, Justice Lewis-Allagoa underscored the absence of a counter-affidavit from the respondents, deeming all facts presented by Falana as admitted.
Relying on established legal principles, the judge granted all reliefs sought in Falana’s motion, effectively compelling the government to take immediate action in setting prices for essential commodities.
The court’s specific directives encompassed a range of crucial items, including milk, flour, salt, sugar, bicycles and their spare parts, matches, motorcycles and their spare parts, motor vehicles and their spare parts, as well as petroleum products such as diesel, petrol motor spirit (PMS), and kerosene.
This ruling carries significant legal weight, as it imposes a legal obligation on the government to regulate prices in key sectors, potentially impacting consumer welfare, market dynamics, and economic stability.
