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Petroleum Equalisation Fund (Management Board, etc.) Act 🇳🇬

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Petroleum Equalisation Fund (Management Board, etc.) Act

  • Published in Official Gazette supplement no. 10 on 27 February 1975
  • Commenced on 15 October 1973
  • [Up to date as at 31 December 2002]
An Act to establish the Petroleum Equalisation Fund which is to be applied for the reimbursement of petroleum marketing companies for any losses suffered by them arising from the sale of petroleum products at uniform prices throughout Nigeria and a Management Board to manage the affairs of the Fund.

1. Establishment of the Fund

There is hereby established a Fund to be known as the Petroleum Equalisation Fund (in this Act referred to as "the Fund") into which shall be paid-(a)any net surplus revenue recovered from oil marketing companies pursuant to this Act; and(b)such sums as may be provided for that purpose by the Federal Government.

2. Utilisation of the Fund

The Fund shall be utilised for the reimbursement of oil marketing companies for any loss sustained by them solely and exclusively as a result of t…

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