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IN THE FEDERAL HIGH COURT OF NIGERIA [N THE ABUJA JUDICIAL DIVISION HOLDEN AT ABUJA ON MONDAY, THE 5™ DAY OF FEBRUARY, 2024

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S. 206 (1) 
~ 
(2) 
(3) 
(4) 
JUDGEMENT IN JHS (MIGERIA) LTD, & ANOR, 
\. THE NIG. MIDSTREAM & DOWNSTREAM PETROLEUM REGULATORY AUTHORITY 
SUIT NO: FHC/ABI/CS/1480/2023 
licensee in respect of the activities in 
a manner consistent with 
the 
Authority's duties under this Act and with the pricing 
principles set out in section 207 of this Act: 
The holder of a wholesale petroleum liquids supply licence and 
a whole sale customer shall, subject to the provisions of this 
Chapter, negotiate the wholesale prices directly between the 
parties on an arm's length basis, provided that the transfer 
price; 
shall 
be 
transparent 
and 
reflect 
the 
transfer 
price 
between the parties, 
The’ ‘Authority 
shall 
have power 
to 
moniter 
bulk 
sale 
of 
petroleum products and may publish market- based prices 
in 
order to ensure that the transactions are undertaken ina 
manner that transfer pricing between the supplier and the 
wholesale customer are undertaken 
at 
a transparent arm's 
length basis. 
The supplier shall, within 14 days of the consummation of a 
transaction relating to the bulk sale of petroleum products, 
provide 
the 
Authority 
with 
information 
relating 
to 
the 
transaction including, where applicable, the cost incurred by 
the supplier in the production or supply of the product and 
other information relevant to the price at which the product is- 
sold, 
A supplier who knowingly provides information, which is false 
or misleading 
with 
respect to 
the information 
required 
in 
subsection (3) is liable to a fine stipulated by the Authority in 
regulations,