DPR Imposes N20m Fine On Depot Operators Selling Petrol Above N145 Per Litre
The Department of Petroleum Resources, DPR, has expressed determination to contain the current scarcity of petrol across the country by imposing various forms of sanctions to erring marketers.
In a statement in Lagos, the regulator said that henceforth, any depot found selling petrol to bulk buyers without verifiable retail outlets would pay a fine of N10m and closure of the erring depot for at least six months, after the products in the depot have been sold off.
“Similarly, any depot selling the product above approved price will be fined the sum of N20 million and closure of the erring depot for at least three months.
“The Petroleum Products Marketing Company, PPMC shall also exclude the erring depot from coastal supply allocation for at least, a period of one calendar year.”
The statement read further: “Hoarding at retail outlets shall attract a fine of N200.00 per litre on the hoarded product and the erring station would be closed for at least six months.
“In addition, the recovered product would be auctioned off free to the public.”
The DPR also said that selling above the price cap at retail outlets would attract six-month closure of the erring station and the product being sold above the cap price would be auctioned off to the public.
The Agency said the action became necessary because it found out that some depot owners are selling petrol to unlicensed bulk buyers and some retailers at prices above the approved ex-depot prices. It said it observed that some retail outlets hoard petrol or sell at above the industry-set cap price.
“These actions are clear violations of the Petroleum Act 1969 and extant Regulations and they exacerbate the current supply challenges by bringing unnecessary hardships on the consumers.
We are also assuring the public that the government is doing everything to ensure restoration of normalcy to the Sector” the statement added.
