The federal authorities says the Petroleum Equalisation Fund (PEF) and Petroleum Merchandise Pricing Regulatory Company (PPPRA) shall be merged.
Timipre Sylva, Minister of State for Petroleum Sources, mentioned this whereas briefing newsmen on Thursday.
He famous that the oil sector regulatory businesses will turn into one as contained within the new Petroleum Trade Invoice (PIB).
“PEF and PPPRA will emerge as one below the identify ‘The Authority’ and shall be serving to to police the pump value of petrol in order that no one will profiteer,” he mentioned.
PEF offers with the equalisation of petroleum merchandise to make sure value uniformity, whereas PPPRA focuses on petroleum merchandise pricing and monitoring of compliance.