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(1) The Authority may be legislative instrument make Regulations to

(a) Prescribe the criteria and determinants for the formulation by the Board of the prescribed petroleum pricing formula;

(b) Prescribe quality of services provided for petroleum products;

(c) Provide for the procedure for submission of complaints and investigation and determination of complaints, in respect of a matter arising under this Act;

(d) Prescribe, modify and review the prescribed petroleum pricing formula;

(e) Provide for competitive bidding procedures for the procurement of petroleum products and crude oil;

(f) Provide for the discipline of licensees;

(g) Provide guidelines for marketing operations and fair competition in the petroleum downstream industry;

(h) Prescribe standards of performance for the provision of petroleum services;

(i) provide for the protection of consumers;

(j) Prescribe testing facilities for quality control of crude oil and petroleum products in the petroleum downstream industry;

(k) Regulate licensing;

(l) Prescribe the fees, and charges to be paid under this Act;

(m) Provide for the inspection of petroleum service providers’ premises;

(n) Control the importation, exportation, landing, loading, unloading and transportation of petroleum products;

(o) Provide for the storage, handling and sale of petroleum products are stored; and

(p) Regulate the handling of petroleum products in the fuelling of aircraft;

(q) Preserve the quality and purity of petroleum products and crude oil;

(r) Provide for the effective operation of strategic storage depot;

(s) Provide for any other matter necessary for the effective implementation of the provision of this Act.

(2) Regulations issued under subsection (1) shall be signed by the chairperson of the Board.

(3) Despite the Statutory Instrument Act, 1997 (Act 539) the penalty for contravention of the disciplinary regulations shall be fine not exceeding two thousand five hundred penalty units calculated in a currency determined by the Minister.