The Department of Petroleum Resources, DPR, has warned NNPC (Nigerian National Petroleum Corporation) and other Petroleum marketers in Nigeria to stop the random pump price and increase of fuel in Nigeria. The outlet at Amuwo, Festac area of Lagos State is selling petrol at N100 per litre.
The NNPC outlet joined others, including Conoil, Oregun Road; Total, Amukoko Alaba; Mobil, Festac; Capital Oil, Ago, Olufemi Arowolo, Iyana-Iba and a host of others, which have stock of the scarce commodity, also sold above regulated price of N87 per litre.
These outlets are selling petrol at between N100 and N120 per litre, depending on the outlet and location.
The Petroleum Industry Regulator, DPR, at an emergency stakeholders’ meeting in Lagos on Wednesday, warned depot operators and marketers against arbitrary increase in the ex-depot and pump prices of petrol, by taking advantage of the current scarcity situation.
DPR had cautioned the NNPC operators still engaged in the practice of selling petrol and kerosene above government stipulated prices as well as “those who engage in the acts of hoarding of these products to desist from it in the interest of the public, the economy and your petroleum business.”
Acting Director, DPR, Mr. Danteni Ladan, who issued the warning, said that the regulator will no longer tolerate a situation where the supply of petrol was dictated by dealers and marketers’ private interests to the detriment of the Nigerians.
He said DPR will sanction any NNPC operators, and any other such operators including the withdrawal of licence of any found selling above the recommended price prescribed by the Federal Government of Nigeria.