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The Petroleum Support Fund (PSF) is a pool of
funds budgeted for by Government to stabilize the domestic
prices of petroleum products against volatility in international
crude and Products Prices.
The PSF shall be financed from two sources,
namely;
-
The Government
-
Accruals realized during the period of Over
recovery ( over recovery here refers to the period at which the
PPPRA recommended price is higher than the market determined
price).
Before the introduction of the deregulation
policy, Nigerians have had to contend with intermittent products
shortages which gave rise to perennial queues at the petrol
stations nationwide. In the last two years, the upward movement
in the international prices of Crude and Petroleum Products has
added to the continuous upward pressure on the prices of
domestic petroleum products.
In an attempt to stabilize domestic petroleum
products prices and mitigate associated problems, the government
graciously deemed it wise to establish a Petroleum Support Fund
effective January 2006, which in effect is an interventionist
fund.
A budget of one hundred and fifty billion naira
(N150 billion) has been included in the 2006 Appropriation Bill.
For the sake of transparency and accountability all the various
stakeholders/operators will be involved in its implementation.
This therefore seeks to highlight the
methodology and set of guidelines for the smooth administration
of the Petroleum Support Fund as agreed by all the relevant
Stakeholders.
It further addresses issues such as:
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Eligibility for Oil Marketing
Companies drawing from the Fund
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Responsibility of Stakeholders/Operators
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Role of the Regulatory Authority -
PPPRA
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Institutional Linkages
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Relevant guidelines from other
Organizations/Agencies concerning products procurement and
storage and distribution.
Other relevant
documents for implementing the PSF scheme are the
following:
Media briefing by the Chairman, PPPRA
PSF Implementation Guidelines
Policy & Procedure Manual
(Operational Modalities)
Executive Secretary's Address on PPPRA/Operators Interface
The Imperative of PSF to Industrial Growth in Nigeria
Request for Expression of Interest
Agreement between PPPRA & Marketers on PSF (Specimen)
Product Import Application Form
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