The Federal Government of Nigeria has scrapped the Petroleum Products Pricing Regulatory Agency (PPPRA), Petroleum Equalisation Fund (PEF) and the Department of Petroleum Resources (DPR) as new oil agencies take off.
According to the Minister of state for petroleun resources Timipre Sylva, the new agencies are to replaced PPPRA, PEF and DPR, are the Nigerian Upstream Regulatory Commission (NURC) and the Nigerian Downstream and Midstream Petroleum Regulatory Authority (NMDPRA).
Timipre Sylva inaugurated Engr Gbenga Komolafe as the Chief Executive Officer (CEO) of Nigerian Upstream Regulatory Commission (NURC) and Farouk Ahmed as Chief Executive Officer (CEO) of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The federal government assures staff of the defunct agencies that they have no reason to fret as their assets and staff would be vested in the new commission.
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