The Department of Petroleum Resources (DPR), Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF) has been scrapped by the federal government.
Minister of state for petroleum resources Timipre Sylva stated this on Monday while speaking on the sidelines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja.
Mr Sylva said the staff of the three agencies would be protected while their chief executives had been relieved of their appointments.
He 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.
Responding to a question on what would happen to DPR following the inauguration of the board of NURC, Sylva said, “It is now a matter of law. 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 stated that the process for aligning the workers of the defunct agencies with the new regulatory bodies had already commenced, as the staff had to be rationalised.
“So far, the chief executives of these agencies have not been in place, but of course, Mr President in his wisdom made the appointment a few weeks ago and they went through a rigorous process of confirmation at the National Assembly.
“The agencies have now taken off because they now have clear leadership and today’s event marks that beginning for the new agencies,” Sylva added.
He further stated that with the passage of the PIA into law, after spending over 20 years in the process, the coast was now clear for investors to fully invest in Nigeria’s oil sector.