The Department of Petroleum Resources (DPR), on Tuesday said it will impose a fine of N20 million fine on any depot selling Premium Motor Spirit (petrol) above the approved ex-depot price of N132.50 per litre.
Wole Akinyosoye, the agency’s Zonal Operations Controller, Lagos, said selling PMS above the approved ex-depot price would attract a N20 million fine as well as closure of the defaulting depot for at least three months.
Akinyosoye also said depots selling PMS to bulk buyers without verifiable retail outlets shall attract a fine of N10 million and closure of the depot for at least six months, after the products in the depot have been sold off.
“It has come to the notice of the department that some depot owners are selling PMS to unlicensed bulk buyers and some retailers at prices above the approved ex-depot prices.
“We have also noticed that some retail outlets hoard PMS 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,” he said.
The DPR controller said any outlet found hoarding, a fine of N200 per litre would be imposed on the hoarded product and the erring station would be closed for at least six months and the recovered product would be distributed free to the public.
Selling above the price cap at retail outlets shall attract six-month closure of the erring station and product auctioned off to the public.
“Operators are to note the foregoing and be advised accordingly. We are also assuring the public that the government is doing everything to ensure restoration of normalcy to the sector,” he said.