Petroleum Equalisation Fund (Management Board, etc.) Act

Arrangement of Sections

2. this Act; and

3. shall nominate another person from his Ministry to act as chairman for the purpose of that

4. A member of the Board appointed pursuant to sub-paragraph (d) of paragraph I of this

5. (d) shall be paid out of moneys at the disposal of the Board such remuneration and

6. ceedings.

7. corporate would not be required to be under seal may be entered into or executed on behalf of

8. secretary.

9. Any member of the Board who has a personal interest in any matter to be considered by

An Act to establish the Petroleum Equalisation Fund which is to be applied fo r 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.

[1975 No. 9.]

[15 th Oc to ber , 1975]

[Commencement.]

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-

this Act; and

this Act; and

2. Uti li s ation 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 the sale by them of petroleum

products at uniform prices throughout Nigeria being prices fixed by the Minister pursuant

to section 6 (1) of the Petroleum Act.

[Cap. Pl0.]

Est ablishment , etc., of Petroleum Equalisation Fund Management Board

provisions of this Act, a body to be known as the Petroleum Equalisation Fund Manage-

ment Board (in this Act referred to as “the Board”).

seal.

composition of the Board and the other matters contained therein.