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National Strategic Stocks Regulations, Statutory Instrument no. 13 of 2023.

Country/Territory
Nigeria
Document type
Regulation
Date
2023
Source
FAO, FAOLEX
Original source
Federal Republic of Nigeria Official Gazette no. 53 of 2023.
Subject
Energy
Keyword
Energy conservation/energy production Offences/penalties Authorization/permit Business/industry/corporations Governance Inspection Internal trade Monitoring Oil Transport/storage Tax/levy
Geographical area
Africa, North Atlantic, Western Africa
Abstract

These Regulations, made under sections 33 (m) and 181 of the Petroleum Industry Act, No. 6, of 2021, apply to activities connected with the establishment, administration, financing, storage, and distribution of national strategic stocks of petroleum products in Nigeria, and provide for: setting objectives and general rules for the administration of the national strategic stocks; stipulating the public service levy for the funding of these stocks; establishing sanctions, fines and administrative penalties. Matters covered by these Regulations concern: prohibition against release or dispensing petroleum products without authorisation; functions of National strategic stocks, including: providing strategic reserve of petroleum products, ensuring security of supply of petroleum products, reducing the impact of disruption in the supply of petroleum products in the country, stabilising the prices of petroleum products; duties and powers of the authority; budget for administering and maintenance of the national strategic stock; distribution mechanism; monitoring and inspection activities; offences and penalties.

Full text
English
Website
www.nmdpra.gov.ng

References - Legislation

Implements

Petroleum Industry Act, no. 6 of 2021.

Legislation | Nigeria | 2021

Keyword: Energy conservation/energy production, Authorization/permit, Business/industry/corporations, Community management, Concession, Consumer protection, Continental shelf, Contract/agreement, Court/tribunal, Traditional rights/customary rights, Environmental standards, Exploration, Royalties/fees, Financing, Framework law, Governance, Institution, Mining, Natural gas, Offences/penalties, Oil, Ownership, Policy/planning, Procedural matters, Social protection, Transport/storage, Sustainable development, Tax/levy, Use restrictions, Standards, Protection of environment, Enforcement/compliance, Fiscal and market measures, Indigenous peoples

Source: FAO, FAOLEX