The Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund are all officially scrapped and do not exist anymore, the Federal Government said on Monday.
It also said while workers of the three agencies would be protected, their chief executives had been relieved of their various appointments.
The Minister of State for Petroleum Resources, Timipre Sylva, stated this while speaking on the side-lines of the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission in Abuja.
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.
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.
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.
