Fuel Scarcity: FG Vows To Deal With Depot Owners Selling Beyond Approved Price

• FG says it will sanction depot owners caught selling petroleum products beyond approved price

• According to the minister, the trucks that could move petroleum products that ran on diesel were impacted and could not cope with the high diesel prices

EKO HOT BLOG reports that the Federal Government has vowed to sanction any depot owner caught selling petroleum products beyond the approved Ex-Depot price in the country.

This was made known by Chief Timipre Sylva, Minister of State, Petroleum Resources, on Thursday in Abuja while briefing newsmen on its effort to resolve the issue of fuel scarcity in the country.

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“We are aware, just like President Muhammadu Buhari said in a statement, that there are some Depot Owners who are taking advantage of the situation by increasing the Ex-depot price.

“I can assure you that there will be sanctions for any of those depots that continue to increase the Ex-depot price as approved. We are going to deal decisively with anyone who tries to take advantage of this situation.

“It’s been a difficult few week; a few weeks ago, we had the issue of petroleum product shortage. I have already addressed that matter which coincided with the geopolitical tension in Ukraine and Russia.

“Prices of crude oil went up exponentially beyond levels expected. As you all know, when crude oil prices rise to that level, it can also affect the derivatives of crude oil.

“Nigerians are suffering because of the high diesel prices, including everywhere else globally.

“This is not peculiar to us at all. Diesel is a deregulated product and therefore, when the prices go up internationally, it affects the price also in Nigeria,” he said.

According to the minister, the trucks that could move petroleum products that ran on diesel were impacted and could not cope with the high diesel prices, noting that the products were available in the depots, but could not be moved because of the high cost of transportation.

Sylva then urged the public to report anyone who tried to take advantage of the situation for sanctioning as required by the law.

“If any deport owner increases price or any fuel station tries to take advantage of the situation, the public should report immediately.

“If we do not get the report, we cannot know what is going on or sanction them,” he said.

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