Friday, March 18, 2022

Depots Selling Petrol Above Approved Price Will Be Sanctioned – FG

 The Minister of State for Petroleum Resources warned that depots owner would be dealt with if they try to take advantage of this situation.



Chief Timipre Sylva

Depots selling petroleum products above the approved ex-depot price will be sanctioned, the federal government has warned.

Minister of State for Petroleum Resources, Chief Timipre Sylva who gave the warning, also blamed the rise in crude oil prices on the ongoing war between Ukraine and Russia.

Sylva said;

“We are aware that there are some depot owners who are taking advantage of the situation by increasing the ex-depot price.

“I can assure you that there will be sanctions for any of those depots that continue to increase the ex-depot price as approved.

“We are going to deal decisively with anyone who tries to take advantage of this situation.

“Prices of crude oil went up exponentially beyond levels expected.

“As you all know, when crude oil prices rise to that level, it can also affect the derivatives of crude oil.

“Nigerians are suffering because of the high diesel prices, including everywhere else globally.”

The Minister also noted that with the high prices of diesel which is unregulated, petroleum tankers are limited in lifting the available petrol from the depots which has aggravated the earlier supply gap of petrol across retail outlets.

Sylva further disclosed that the Nigerian National Petroleum Company Ltd (NNPCL) and the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are working to resolve the gap while the supply of products to Abuja is being increased.

He added;

“We will continue to ensure that the situation is controlled.

“Queues are coming down in Lagos and other parts of the country. Very soon, this will be a thing of the past.”

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