The Petroleum Industry Act clearly provides for how the commission is funded, including the four per cent cost of collection. The source added, “We don’t even understand this executive order. It shows that with just an executive order, a law can be changed overnight without a single debate. So I don’t think it would take them time to amend the act and let the PIA reflect this executive order. “Non-mandate direct remittance is a difficult one because it affects the Petroleum Industry Act,” he told The PUNCH.

Source: Punch February 23, 2026 19:05 UTC