Why Reps Removed Petrol Price From Govt Control | Independent Newspapers Limited
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Why Reps Removed Petrol Price From Govt Control

Posted: Jun 3, 2016 at 4:19 pm   /   by   /   comments (0)


The House of Representatives on Thursday de-listed petroleum products from list of commodities regulated by Federal Government, as enshrined in the Price Control Act, after considering the recommendations of the House committee that studied the bill to amend the Price Control Act, to provide for concessions and waivers, stiffer penalties and to enforce implementation.

The bill sponsored by Hon. Gabriel Onyeama (APGA-Anambra) seeks to amend “the first ?schedule of the principal Act” by deleting the existing list and substituting it with a new list of items in the schedule”.

Based on the recommendations from the committee of the House at plenary Thursday, 14 commodities were approved under the new price control legislation.

The commodities are bicycles and spare parts, flour, matches, milk, motorcycles and spare parts, motor vehicles and spare parts, salt, sugar, rice, grains, cereals, electrical/electronic equipment, computers and computer accessories and cement.

The House adopted the amendment of Section 17(b) by increasing the p?enalty for contravention of the law to N100,000 from N200 and one year imprisonment.

The lawmakers also approved the insertion of sub-section 13(2), which stipulates imposition of two years imprisonment or N200,000 on any person that contravenes any provisions of an order made by the court.