The Federal Government have officially scrapped the Department of Petroleum Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalization Fund.
The Minister of State for Petroleum Resources, Chief 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.
Sylva added, “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 Equalization Fund Act and the PPPRA Act. The law specifically repeals them. It is very clear that those agencies do not exist anymore.”
He also said while workers of the three agencies would be protected, their chief executives have been relieved of their various appointments adding 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 rationalized.