Subsidy Series: Uniform Pricing, Imports and Fuel Subsidy

Before 1973, prices of petroleum products varied from one place to another in Nigeria to the extent of transportation costs incurred in delivering products from the major sources of supply. However, with effect from October 1973, that ceased to be, with the introduction of uniform pricing regime in the country. A Petroleum Equalization Fund (Management) Board was set up by the Federal Military Government via a Decree promulgated on 17th February 1975 but with retroactive effect from 15th October 1973 to administer the uniform pricing system throughout the country. The law setting up the PEF is still in our statute.
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