Library / B 173 Federal Republic of Nigeria Official Gazette No. 53

B 173 Federal Republic of Nigeria Official Gazette No. 53

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B 183
21.  In these Regulations —
“Act” means the Petroleum Industry Act No.6, 2021 ;
“bulk storage” means a facility such as a terminal, depot, refinery, or
any other facility designated by the Authority for the storage of petroleum
products ;
“designated petroleum product” means a petroleum product which by
notice issued by the Authority is designated as a national strategic stock ;
“drawdown” means the release of a part or whole of the national
strategic stock level ;
“interruption” or “shortage” means any failure in whole or in part to
supply or distribute petroleum product or to meet petroleum product demand
or sufficiency in any part of Nigeria ;
“national strategic stocks” shall have the meaning ascribed to it in the
Act ;
“NGN” means Nigerian Naira ;
“operating stock” means stock in storage facility that is accessible in
normal operation or stock required to sustain daily operation and ensure
product availability ;
“petroleum products” shall have the meaning ascribed to it in the Act ;
“sold in Nigeria” means where a petroleum product —
(a)  is sold free on board in Nigeria ;
(b)  is loaded or offloaded for sale within a wholesale point in
Nigeria ; or
(c)  transaction emanates, occurs or is concluded in Nigeria ;
“USD” means United States Dollars ; and
“wholesale points” means the points, such as coastal depots, hinterland
depots, jetties, refineries, petrochemicals and processing plants including
liquified natural gas processing plants, free on-board products measurement
points and other points of aggregation that may be determined by the Authority,
where petroleum products or gas products exist or are sold in bulk.
22.  These Regulations may be cited as the National Strategic Stocks
Regulations, 2023.
Made at Abuja this 14th day of March, 2023.
ENGR. FAROUK AHMED
Authority Chief Executive
Nigerian Midstream and Downstream
Petroleum Regulatory Authority
Interpretations
Citation