The All Progressives Congress Presidential Campaign Council has asked Atiku Abubakar to explain the legal and fiscal bases of his petrol subsidy proposal. Abubakar had proposed a production subsidy for locally refined petrol, which he said would reduce pump prices. APC PCC spokesman Dele Alake said the proposal raised important legal, fiscal and practical questions, noting that Section 205(1) of the Petroleum Industry Act 2021 provides that unrestricted free-market conditions shall determine wholesale and retail prices of petroleum products. Alake also recalled that the Nigerian Midstream and Downstream Petroleum Regulatory Authority said it did not fix pump prices.
Related Articles
Don't miss out on breaking stories and in-depth articles.