National Strategic Stocks Regulations, Statutory Instrument no. 13 of 2023.

These Regulations, made under sections 33 (m) and 181 of the Petroleum Industry Act, No. 6, of 2021, apply to activities connected with the establishment, administration, financing, storage, and distribution of national strategic stocks of petroleum products in Nigeria, and provide for: setting objectives and general rules for the administration of the national strategic stocks; stipulating the public service levy for the funding of these stocks; establishing sanctions, fines and administrative penalties. Matters covered by these Regulations concern: prohibition against release or dispensing petroleum products without authorisation; functions of National strategic stocks, including: providing strategic reserve of petroleum products, ensuring security of supply of petroleum products, reducing the impact of disruption in the supply of petroleum products in the country, stabilising the prices of petroleum products; duties and powers of the authority; budget for administering and maintenance of the national strategic stock; distribution mechanism; monitoring and inspection activities; offences and penalties.