Section 7: Functions of the Agency.

The functions of the Agency are to-(a) determine the pricing policy of petroleum products;
(b) regulate the supply and distribution of petroleum products ;
(c) establish an information and data bank through liaison with all relevant agencies to facilitate the making of informed and realistic decisions on pricing policies;
(d) moderate volatility in petroleum products prices, while ensuring reasonable returns to operators ;
(e) oversee the implementation of the relevant recommendations and programmes of the Federal Government as contained in the White Paper on the report of the Second
Special Committee on the review of Petroleum Products Supply and Distribution Schedule.
specified in the Second Schedule to this Act as they relate to its functions, taking cognizance of the phasing of specific proposals ;
(f) establish parameters and codes of conduct for all operators in the downstream petroleum sector ;
(g) maintain constant surveillance over all key indices relevant to pricing policy and periodically approve benchmark prices for all petroleum products ;
(h) identify macro-economic factors with relationship to prices of petroleum products and advice the Federal Government on appropriate strategies for dealing
with them;
(i) establish firm linkages with key segments of the Nigerian society, and ensure that its decisions enjoy the widest possible understanding and support ;
(j) prevent of collusion and restrictive trade practices harmful in the sector;
(k) exercise mediatory role as necessary for all stakeholders in the sector;
(l) other functions, which the National Assembly may confer on the Agency from time to time; and
(m) carry out such other activities as appear to it necessary or expedient for the full and efficient discharge of its functions under this Act.