Kukutenla:


These are the commodities whose price are to be controlled by the price control act. Petroleum products are covered.
It was a 1978 law re-enacted in 2004

Ginik:
How possible will it be please

ivolt:

You didn't explain how the order can be enforced.

The fact that something is produced locally can't negate economic realities
when the price of a major part of production, energy was tippled.

BTW, who are those you think are making artificial gains?

Kukutenla:

Implied repeal? I don't think it is applicable in Nigeria. If a law is not expressly repealed in Nigeria, the courts view it as still valid. That's why the legislature in Nigeria is usually careful to announce any law they intend to repeal with a new piece of legislation.
Besides, price control act does not conflict with PIA since it is fixing price not setting subsidies. They are two different things

hisexcellency34:
Bring down Price of Petrol and see prices of other commodities fall. But Tinubu is corn-fused and clueless

christistruth01:
Let us Just pray Nigerian Judges will not order River Niger not to flow into the Atlantic ocean again

SoNature:
At this point, Nigeria ought to have a price control board. How can people wake up and increase their prices without consequences? It makes no sense!

Bullfallo:
Fuel subsidy is what is destroying this government.

Diesel deregulation is what buhari use to destroy business and productivity.

Many businesses and factories collapsed. Radio and tv station closes by 6-9pm because they could no longer run on diesel. Hotels hijack price. Food items went above the ceiling.
Hi
Buhari went further to destroy kerosene. The saving grace was gas. He still went further to destroy gas which cause great suffering and hardship to most household.

Tinubu came in and destroy petrol. Imagine enugu to lagos is 25k-30k how much is minimum wages? From lagos to adamawa you should be budgeting 70k. Transport of 300 - 400 went up to 1k and above. School fees doubles and expenses tripled

surgical:
you wey no go school and lack the ability to understand is calling somebody foolish,government cannot and will not fix prices ,its outside their control, its only fuel they can fix the price because they are directly incharge of that one

ufotunang:
How possible...if a bread seller buys bread at 350 naira and sells it at 400 naira to make 50 naira profit ..will the government tell the bread seller to sell the bread at 200 naira...how possible and the bread seller runs in a loss

JuanDeDios:

It's frivolous. The government can't fix the prices of anything it doesn't produce.

advanceDNA:


The only way government can fix price is to pay subsidy.....
And this is why pple have been saying ....the two major exchange rate and fuel that drives this economy...government shouldn't have removed subsidy completely on both..


They removed it..claimed they saved money only to give it to state government who end up embezzling...masses are suffering from two angles..

We are a nation heavily dependent of importation..... Exchange rate cannot be fvcked with.....it will lead to problem...

.and that's why this inflation will never stop until government returns their control in the dollar market and fix exchange rate...

Ginik:
How possible will it be please

porthouse7:
go sch small, government fix price in Russia and china, Nigeria only need to enact a law

IfnobeGod20:
it's as if you people are living in Arizona and not facing what is going on in the country. Last week I bought a sachet of maggi #120, today I went to buy same sachet, I was told it is now #170. Just a week, an increase in #50 of just a good. And everything is just like that. Common man staple foods are now out of their reach. Garri, yam, beans, pepper, tomato, yam flour, meat, fish, now out of the reach.
Can't you people just seat down and think of the future of this country than playing politics with critical issue of hunger or is it until it turns to unavoidable protest or death before you guys can think.
Let the poor breathe was Mr. President song but today the poor are the most vulnerable set of people in Nigeria.

khattab02:
Good but not only through subsidy.


The best is to Subsidize production cost.

integrity16:


Are you aware of the newly enacted Petroleum Industry Act (PIA) that governs both the upstream midstream and downstream sectors? My point is they cannot enforce price control on petroleum products because PIA has already taken care of this.

I am not against control of prices of locally made goods, refined petroleum products are not locally made yet, maybe until dangote refinery comes on stream.

hisexcellency34:
Bring down Price of Petrol and see prices of other commodities fall. But Tinubu is corn-fused and clueless

SmartyPants:


There is a difference between two Acts covering the same subject and two Acts directly conflicting on a particular issue. In the former, the two Acts can coexist but in the latter its a general principle that the latter in time should be applied. I would be most surprised if that is not the position in the Nigerian Courts. That would beg the question, how do they then choose which one to apply?

Also, there is no difference between price fixing and fuel subsidy because in order to fix fuel prices you must subsidise fuel. To ask sellers to sell at your fixed price which would be detrimental to their operations would simply be to crash your economy as no one will sell under such conditions.

khattab02:
It not!


Yes the government can't outrightly but they know what is the cause and what needed to be done. Again[b] they can determine if u are making too much gain or not[/b]. If they are sincere and honest they can even if it technical.

Bullfallo:
Fuel subsidy is what is destroying this government.

Diesel deregulation is what buhari use to destroy business and productivity.

Many businesses and factories collapsed. Radio and tv station closes by 6-9pm because they could no longer run on diesel. Hotels hijack price. Food items went above the ceiling.

Buhari went further to destroy kerosene. The saving grace was gas. He still went further to destroy gas which cause great suffering and hardship to most household.

Tinubu came in and destroy petrol. Imagine enugu to lagos is 25k-30k how much is minimum wages? From lagos to adamawa you should be budgeting 70k. Transport of 300 - 400 went up to 1k and above. School fees doubles and expenses tripled

JuanDeDios:

They can't. Prices are determined by market forces. Only thing government can do is bring back subsidies, which will reduce transport fares and thus reduce food prices. But this option is fraught with problems too.

advanceDNA:



U can't subsidize production cost without fixing exchange rate and directly subsidize cost of important raw materials...

In many good countries subsidy exist on many products that all citizens use directly or indirectly....e.g fuel, sugar, wheat flour...
Azerbaijan, Morocco, algeria, Tunisia, Georgia provide subsidy on flour because almost everyone eats bread, pizza, burgers etc...so they end up controlling the prices of good mades with flour

It's only Nigeria that the useless, embezzling government want to remove all subsidy so they can have more to steal....

for their empty brain...once they build road and round about they have distributed the common wealth

hisexcellency34:
Bring down Price of Petrol and see prices of other commodities fall. But Tinubu is corn-fused and clueless

Kukutenla:

PIA does not remove price controls, it only remove subsidy.
Majority of goods listed in the Act are not locally made. Check again

integrity16:


Have you read the PIA regulation?? I don't think so but I will lessen the burden for you.

There is a provision for cost recovery and pricing under the PIA. On market-based pricing, Section 205 of the PIA mandates that market-based principles determine the prices of petroleum products in the downstream sector.

Section 208 of the Act develops a pricing framework that will ensure reasonable returns to operators in the sector while protecting the interests of consumers.

“Section 207 of the PIA provides that the pricing of petroleum products shall be cost-reflective. This means that the price of a product should reflect the cost of producing, transporting, and distributing the product.”

Section 169 of the PIA provides that the prices of petroleum products in the downstream sector align with the pricing framework. The Authority can sanction any operator contravening the pricing regulations.

From the above, you can see that pricing concerns has already been taken care of by the PIA. The Price Control Act can't hold sway in the oil industry

khattab02:
Tor u have said it na..



Again not all products we import raw material.


Rice, garri, sugar, flour, oil, tomatoes etc all these we can produce and have their raw materials. But our government are damn too lazy to look into them. Hence playing politics and embezzling

advanceDNA:


The fertilizers used in planting them is a raw material and it's imported...in 2022 we spent a staggering $302 million on fertilizer import....

We are so heavily dependent on imports that the government should have known not to fvck with exchange rate ....they just thought floating the currency will make it fix itself....

They listen to IMF that doesn't wanna give them loan and also want to buy their oil and other resources for cheap price after destroying our naira