Section 88: Declaration of price regulations

(1) For the purpose of regularing and facilitating competition only, the President may, from time to time, by order published in the Federal Gazette, declare that the prices for goods or services specified in the order shall be controlled in accordance with the provisions of this Act
(2) The President shall not make an order under subsection (1) unless the President is satisfied that-
(a) goods or services to which the order relates are or will be supplied or acquired in a market in which competition is limired or is likely to be
lessened;
(b) it is necessary or desirable for the prices of those goods or services to be controlled in accordance with this Act in the interest of users, consumers, or, as the case may be, suppliers ; and
(c) the declaration of price regulation is narrowly designed, both in terms of duration and the list of goods and services affected, as is necessary to remedy the effects of the absence of competition in the relevant market.
(3) An order shall not be made under subsection (1) prior to the submission to the President of a report of the Commission assessing the state of competition in the relevant market and providing recommendations on the desirability and likely effects of implementing price regulation or other remedies.
(4) An order made under subcection (1) shall identify the goods or services to which it pertains by-
(a) a description of the goods or services ;
(b) a description of the kind or class of the goods or services ;
(c) a description of the market to which the goods or services belong ; and
(d) the specification of the sector of the economy affected or likely to be affected.
(5) Any order made under subsecrion (1) shall specify the date on which it shall expire.