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

Page 5 of 11
B 177
S. I. No. 13 of 2023
Commence-
ment
PETROLEUM INDUSTRY ACT, NO. 6, 2021
NATIONAL STRATEGIC STOCKS REGULATIONS 2023
[14th Day of  March, 2023]
In the exercise of the powers conferred on it by sections 33(m) and 181 of the
Petroleum Industry Act, No. 6, 2021 (“Act”) and all other powers enabling it in
that behalf, the Nigerian Midstream and Downstream Petroleum Regulatory
Authority (“Authority”)  makes these Regulations —
1. The objectives of these Regulations are to —
(a)  set out the general rules for the administration of the national strategic
stocks ;
(b)  stipulate the public service levy for the funding of the national strategic
stock ; and
(c) provide sanctions, fines and administrative penalties for failure to
comply with the provisions of these Regulations.
2.  These Regulations shall apply to activities connected with the
establishment, administration, financing, storage, and distribution of national
strategic stocks of petroleum products in Nigeria, including the designation of
the strategic locations across the country where the national strategic stocks
shall be maintained and distributed from.
3.—(1) There is established the national strategic stocks for petroleum
products in Nigeria.
(2)  The Authority shall, by notice, designate the petroleum products
which shall constitute the national strategic stocks.
4.  The operator of a facility designated to hold a petroleum product as
national strategic stock shall not release or dispense a petroleum product held
as national strategic stock without the written authorisation of the Authority.
5. The national strategic stocks of petroleum products are to —
(a)  provide strategic reserve of petroleum products in the country ;
(b)  ensure security of supply of petroleum products ;
(c)  reduce the impact of disruption in the supply of petroleum products
in the country ; and
(d)  stabilise the domestic prices of petroleum products.
Objectives
Application
Establishment
of national
strategic
stocks of
petroleum
products
Prohibition
against
release or
dispensing
without
authorisation
Functions of
national
strategic
stocks