Nigeria has scrapped the Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund under the country’s Ministry of Petroleum Resources, energynewsafrica.com can report.
Consequently, their chief executives have been relieved of their various appointments.
However, it has created two new agencies namely the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission to assume the role of the scrapped agencies.
Nigeria’s Minister of State for Petroleum Resources, Chief Timipre Sylva disclosed this in Abuja during the inauguration of the boards of the newly created Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission.
Chief Timipre Sylva explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF.
“The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority. So that means the DPR doesn’t exist anymore.
“And, of course, the law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act. The law specifically repeals them. It is very clear that those agencies do not exist anymore,” he said in response to a question posed by journalists who covered the event.