Friday, April 12, 2024
MARKET UPDATE
Advertisement Topt

TheCable

Advertisement lead

DPR warns depot owners against hoarding of petroleum products

DPR warns depot owners against hoarding of petroleum products
February 17
18:05 2021

The Department of Petroleum Resources (DPR) has warned depot owners across the country to desist from hoarding petroleum products in their facilities.

This follows indications that the pump price of premium motor spirit (PMS), also known as petrol, may increase as global price of crude oil is now over $63 per barrel.

Earlier in February 2021, the federal government had appealed to Nigerians to get ready to bear the pains of increased petrol pump price as crude oil prices in the international market keeps rising.

In a statement, Sarki Auwalu, director of DPR, said the warning is due to reports received by the agency on the “unwholesome activities” of some depot owners who have decided to create artificial scarcity by hoarding products in some parts of the country.

Advertisement

“Their nefarious activities is causing untold hardship to Nigerians,” Auwalu said, adding that there is sufficiency of petroleum products in the country and also threatened that DPR will not hesitate to apply appropriate sanctions on any depot found wanting in this regard.

He said the agency had set up a special task force to intensify surveillance and monitoring of all depots to check this anomaly.

Auwalu further said that DPR would continue to provide its regulatory focus of quality, quantity, integrity, and safety (QQIS) for the effective operations of the downstream sector.

Advertisement

Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Tags

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.