Petroleum Industry Act: FG scraps DPR, PEFMB, PPPRA for new agencies

The Federal Government on the backdrop of the Petroleum Industry Act has introduced new agencies and has scrapped the Department of Petroleum Resources (DPR), Petroleum Equalisation Fund Management Board (PEFMB), and Petroleum Product Pricing Regulatory Agency (PPPRA).

As a result, the government announced the transition of the now-defunct DPR, PEFMBPPPRA to the newly introduced agencies and their chief executives with respect to the Petroleum Industry Act (PIA).

The scrapping of the three agencies was announced by the Minister of State for Petroleum Resources, Timipre Sylva, a statement from the ministry revealed.

“The new agencies are the Nigerian Upstream Regulatory Commission, as well as the Nigerian Midstream and Downstream Authority”

“The management team comprises Engineer Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Regulatory Commission, while Engineer Farouk Ahmed is the Chief Executive Officer of the Nigerian Midstream and Downstream Regulatory Authority.

Timipre Sylva charged the new chief executives to be up and doing in their respective areas, in order to ensure that there is a smoother, fuller actualisation of the PIA.

Before the latest development, the DPR monitors fuel stations across the country to ensure products are not hoarded, among other functions while PEFMB was the special intervention put in place by the government to ensure products are sold at approved prices.

PPPRA, on the other hand, was saddled with the responsibility to determine the pricing policy and regulate the supply and distribution of petroleum products, among others.

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