The federal government says the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA) will be merged.
Timipre Sylva, Minister of State for Petroleum Resources, said this while briefing newsmen on Thursday.
He noted that the oil sector regulatory agencies will become one as contained in the new Petroleum Industry Bill (PIB).
“PEF and PPPRA will emerge as one under the name ‘The Authority’ and will be helping to police the pump price of petrol so that nobody will profiteer,” he said.
PEF deals with the equalisation of petroleum products to ensure price uniformity, while PPPRA focuses on petroleum products pricing and monitoring of compliance.