To Re-position Nigeria’s downstream Sub-sector for improved efficiency and transparency.
To attain a Strong, Vibrant Downstream sub-sector of the Petroleum Industry, where refining, supply, and distribution of petroleum products are self-financing and sustaining.
To Determine the Pricing Policy of Petroleum Products.
To Regulate the Supply and Distribution of Petroleum Products.
To create an information databank through liaison with all relevant agencies to facilitates the making of informed and realistic decisions on pricing policies.
To oversee the implementation of the relevant recommendations and programmes of the Federal Government as contained in the White Paper on the Report of the Special Committee on the Review of the Petroleum Products Supply and Distribution, taking cognizance of the phasing of specific proposals.
To moderate volatility in petroleum products prices, while ensuring reasonable returns to operators.
To establish parameters and codes of conduct for all operators in the downstream petroleum sector.
To maintain constant surveillance over all key indices relevant to pricing policy and periodically approve benchmark prices for all petroleum products;
To identify macro-economic factors with relationship to prices of petroleum products and advice the Federal Government on appropriate strategies for dealing with them.
To prevent collusion and restrictive trade practices harmful in the sector.
To create firm linkages with key segment of the Nigerian society, and ensure that its decision enjoy the widest possible understanding and support.
To exercise mediatory role as necessary for all stakeholders in the sector.
To carry out such other activities as appear to it necessary or expedient for the full and efficient discharge of its functions.