Section 5: Fixing of controlled price

(1) The Board may by notice published in the Federal Gazette-
(a) fix a basic price for any controlled commodity in accordance with subsection (2) of this section; and
(b) fix the permitted variation for the commodity in respect of any State in accordance with subsection (3) of this section.
(2) The basic price is the price which in the opinion of the Board properly represents-
(a) in the case of goods produced in Nigeria, the cost of production of the commodity plus the manufacturer's profit; and
(b) in the case of imported goods, the duty-paid landed cost in Nigeria plus the importer's profit.
(3) The permitted variation, in relation to any particular commodity, is the amount representing transport and other costs plus the distributor's profit which in the opinion of the Board ought properly to be added to the basic price in order to represent a fair controlled price (wholesale or retail, as the case may be) in any State.