Section 1: Establishment of the Petroleum (Special) Trust Fund.

(1) There is hereby established a fund to be known as the Petroleum (Special) Trust Fund (in this Act referred to as "the Fund") into which shall be paid all the monies received from the sale of petroleum products less the approved production cost per litre which, for the time being, is as follows-
(a) cost of crude oil - N2.35k;
(b) excise duty and VAT - 33k;
(c) marketer's allowance - N1.30k;
(d) NNPC cost and margin - N1.70k;
and which Fund shall be operated and managed as provided in this Act.
(2) The Fund shall-
(a) be a body corporate with perpetual succession; and
(b) may sue and be sued in its corporate name.
(3)
The Fund shall be located in the Presidency and shall not be subject to the direction, control or supervision of any other authority or person in the performance of its functions under this Act other than the President.
(4) Notwithstanding the provisions of subsection (1) of this section, the President may by order, vary, add, amend or substitute new and approved production cost per litre of petroleum products as and when he may deem fit in the circumstance.