Minister of State for Petroleum Resource, Chief Timipre Sylva, says two regulatory bodies in the oil and gas sector will be merged as one regulator in the new Petroleum Industry Bill (PIB).
Sylva disclosed this while briefing
Journalists in Abuja on Thursday.
The two agencies are Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA).
He said that the two would be merged under the name “The Authority” as regulator in the industry.
He said that the agencies would still be relevant to serve as regulators in the industry, noting that without PPPRA and PEF, it would be difficult to deal with profiteers.
”PEF and PPPRA will emerge as one under a name ‘The Authority’ and will be helping to police the pump price of petrol so that nobody will profiteer,’’ he said.
While PEF deals with equalisation of petroleum products to ensure price uniformity, PPPRA deals with petroleum products pricing and monitoring of compliance.