The Federal Government has scrapped the Department of Petroleum Resources (DPR), Petroleum Equalisation Fund Management Board (PEFMB), and Petroleum Product Pricing Regulatory Agency (PPPRA).

The scrapping of the three agencies was announced by the Minister of State for Petroleum Resources, TIMIPRE SYLVA.

As a result, the government announced the transition of the now-defunct DPR, PEFMB, PPPRA to the newly introduced agencies and their chief executives with respect to the Petroleum Industry Act (PIA).

A statement released on their pages revealed that the new agencies are the Nigerian Upstream Regulatory Commission, as well as the Nigerian Midstream and Downstream Authority.