(1) The object of the Authority is to regulate, oversee and monitor activities in the petroleum downstream industry and where applicable do so in pursuance of the prescribed petroleum pricing formula.

(2) To achieve the object, the Authority shall

(a) monitor ceilings on the price of petroleum products in accordance with the prescribed petroleum pricing formula;

(b) grant licenses to applicants under this Act;

(c) maintain a register and keep records and data on licenses, petroleum products and petroleum marketing service providers;

(d) provide guidelines for petroleum marketing operations;

(e) protect the interests of consumers and petroleum service providers; Act 691 National Petroleum Authority Act, 2005

(f) monitor standards of performance and quality of the provision of petroleum services;

(g) initiate and conduct investigations into standards of quality of petroleum products offered to consumer;

(h) investigate on a regular basis the operation of petroleum service providers to ensure conformity with best practice and protocols in the petroleum downstream industry;

(i) promote fair competition amongst petroleum service providers;

(j) conduct studies relating to the economy, efficiency and effectiveness of the downstream industry;

(k) collect and compile data on

(i) international and domestic petroleum production, supply and demand,

(ii) inventory of petroleum products, and

(iii) pricing of petroleum products for the information of the public which the Board considers necessary for the performance of its functions;

(l) periodically review in consultation with petroleum service providers the prescribed petroleum pricing formula and publish in the Gazette the respective formula;

(m) publish in the Gazette

the ex-refinery prices and ex-pump prices of petroleum products based on the prescribed petroleum pricing formula;

(n) monitor daily the import parity price of refined petroleum products and publish the price periodically in the Gazette;

(o) collaborate with relevant institutions for purposes of this ACT;

(p) oversee open and transparent international competitive bidding for the procurement of petroleum products and crude oil;

(q) approve charges for the provision of petroleum services within the downstream industry;

(r) monitor and evaluate operations of the UPP Fund established under section 62 to ensure the achievement of the object of the   Fund;

(s) approve expenditure charge on the fund under this Act;

(t) publish in the Gazette user fees for monopoly infrastructure; and

(u) Perform any other function that is ancillary to the object of the Authority and assigned to it under this Act.