The Department of Petroleum Resources (DPR) has conveyed the displeasure of the Federal Government over the sale of petrol above the regulated price of N87 per litre by oil marketers and depot owners.
At a meeting held in Lagos between the DPR and stakeholders in the downstream sector of the oil industry including the Pipeline and Products Marketing Company (PPMC), Petroleum Products Pricing Regulatory Agency (PPPRA), Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association (DAPPMA), and Independent Petroleum Marketers Association of Nigeria (IPMAN), the DPR Director, Mr. Mordecai Danteni Baba Ladan gave serious warning to all the stakeholders on continued violation of the fuel pricing template.
He said the meeting was summoned to convey government’s displeasure at the illegal sale of petrol above the stipulated pump price and the ever lengthening of vehicular queues at the filling stations.
Following the development, the DPR said that pursuant to the Petroleum Control Act CAP.351 Laws of the Federation of Nigeria 1990 and the Petroleum Act 1969 (as amended) – preliminary investigations revealed that the prevailing hike in retail prices of premium motor spirit (PMS) and dual purpose kerosene (DPK) across the country is as a result of the unscrupulous activities of some depot owners and major marketers who are engaged in selling PMS and DPK to various retailers at prices higher than the official ex-depot price of N77.66k and N34.51k respectively
In order to check the unprincipled activities of these depot owners and major marketers and to prevent further imposition of hardship on the general public, the DPR said it has resolved to take immediate steps to directly supervise the sale of PMS and DPK from these affected depots in order to ensure that appropriate pricing is strictly adhered to.
“This process will involve; the immediate suspension of direct sales of PMS and DPK from the affected depot owners and major marketers, the immediate setting up of a special DPR task force on supervision and monitoring of product sales from the affected depots with powers to stop sale of products from these depots. The task force shall liaise with the PPMC, PPPRA and the law enforcement agencies, shall issue directives and guidelines to the general public on the procedure for the enforcement of the supervised sales throughout the period of this exercise until normalcy returns to the sector,” he said.
We hereby reiterate that all depots, marketers and operators in the sector should abide by the official pricing regime to avoid DPR’s sanctions, which may include the activation of all conditions that may lead to the denial of any marketer from further participation in the PSF scheme and the withdrawal of licences of a facility, he added.