The Petroleum Equalization Fund Management Board PEF(M)B of Nigeria was set up by Decree 9 of 1975 (as amended by Decree Number 32 of 1989 now chapter 352 of the Laws of the Federation). With its main function being to ensure price uniformity of petroleum products via the reimbursement of marketers for losses they incur in trucking products from depots to their filling stations anywhere in Nigeria. The Executive Secretary who is the Chief Administrative Officer of the Board and subject to the directions of the board is responsible for determining at such intervals as the board may direct, the net surplus revenue recoverable from any oil marketing company and accruing to that company from the sale of it petroleum products at such uniform prices as may be fixed by the Minister of Petroleum Resources pursuant to section 6 (1) of the Petroleum Act.
