Yemisi Izuora
The Department of Petroleum Resources (DPR), is about wielding the big stick against marketers engaging in hoarding of petroleum products in their outlets.
Mr Sarki Auwalu, Director, DPR, gave the warning in a statement issued on Tuesday in Lagos.
Auwalu said the warning was necessitated by the emergence of queues in retail outlets in some states of the federation.
According to him, from available records, there is product sufficiency in the country and there is no need for hoarding by any marketer.
Auwalu said: “The DPR will not hesitate to apply appropriate sanctions on any outlet found wanting in this regard.
“The regulatory agency has set up a special taskforce to intensify surveillance and monitoring of all retail outlets and depots nationwide to check the anomaly.”
He, therefore, advised the general public against panic buying.
Auwalu assured them that the DPR would continue to provide its regulatory focus of quality, quantity, integrity and safety for the for effective operations of the downstream sector.
Oriental News Nigeria, reports that the Nigerian National Petroleum Corporation, NNPC, clarified that the Federal Government is not contemplating any pump price upward adjustment this March, thus dismissing rumours and anxiety of such move.
The Corporation has equally warned Marketers and depot owners against illegal adjustment of petrol price and hoarding of products to create artificial scarcity.
The Corporation dismissed speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country, ruling out any increment in the ex-depot price of petrol in March, 2021.
Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.
NNPC also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.
The Corporation stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
It further called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.