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Federal Government Scrappes DPR, PPPRA and PEF, Inaugurates 2 New Agencies as Replacement

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.

This exercise is in accordance with the new Petroleum Industry Act (PIA), which specified that two regulatory agencies will henceforth perform the duties of the defunct PEF, PPPRA and DPR.

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.

Content created and supplied by: NaijaYarn (via Opera News )

DPR PEF PPPRA Petroleum Products Pricing Timipre Sylva


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