Library / National Strategic Stocks Regulations 2023
National Strategic Stocks Regulations 2023

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(d)  declare to the Authority any administrative or legal proceedings
being undertaken by or against the off-taker by a third party which may
impact on the security of the national strategic stocks.
17.—(1)  A drawdown from the national strategic stock shall be triggered
where the Authority determines that there is a —
(a)  supply disruption of a petroleum product in Nigeria ;
(b)  need to stabilise the domestic price of a petroleum product ; or
(c)  significant threat to the security of supply of a petroleum product.
(2)  The Authority shall direct the release and distribution of the petroleum
product from the national strategic stock to ensure the security of supply.
(3) The petroleum product off-taker shall comply with the conditions
of the evacuation authorisation granted by the Authority which shall include
that the —
(a)  evacuation authorisation shall be non-transferable ;
(b)  petroleum product shall be delivered to, and sold, at the stipulated
location or retail outlet ;
(c)  petroleum product shall be sold within the Authority’s price band, and
at the quality and quantity received from the national strategic stocks ; and
(d)  off-taker shall bear the distribution costs of the petroleum product
released from the national strategic stocks and such costs shall be considered
a component of the retail price of the petroleum product.
18.—(1)   The Authority shall monitor facilities designated to hold national
strategic stocks to ensure inventory management, confirm operational
functionality and verify the security status of the facility.
(2)  The minimum acceptable stock level at each facility shall be the sum
of deadstock and the assigned national strategic stock of the petroleum product.
(3)  The owner or operator of a facility designated to hold national strategic
stocks of petroleum products shall —
(a)  ensure that the stock level for the petroleum product designated
as national strategic stocks does not fall below the level assigned to the
facility ;
(b)  maintain a daily log of earmarked strategic stock for all petroleum
products which shall be kept on site for periodic review by the Authority ;
(c)  be required to report stock levels daily in a format as prescribed by
the Authority ;
(d)  maintain a daily stock level using automatic level gauging equipment
on tanks or manual dipping or any other technology as may be determined
and approved by the Authority ;
Drawdown
and
distribution
mechanism
Monitoring
of facilities
designated
for national
strategic
stocks