The Department of Petroleum Resources (DPR) says it will not hesitate to apply appropriate sanctions on marketers hoarding petroleum products.

Sarki Auwalu, Director, DPR, gave the warning in a statement issued on Tuesday in Lagos.

Mr. Auwalu said the warning was necessitated by queues at filling stations in some states.

According to him, there is product sufficiency in the country from available records, and there is no need for hoarding by any marketer.

Mr. 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 task force 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.

Mr. Auwalu assured them that the DPR would continue to provide its regulatory focus of quality, quantity, integrity, and safety for the downstream sector’s effective operations. 

On Monday, Peoples Gazette reported that the Nigerian National Petroleum Corporation advised motorists to stop panic buying of petrol, insisting it has no plan to increase the ex-depot price in March.

But queues at filling stations have persisted.

NNPC disclosed this in a statement by its spokesman, Kennie Obateru, in Abuja on Sunday.

The ex-depot price is the price at which depot owners sell products to marketers. The price determines how much marketers will sell to motorists at their various fuel stations.

“Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March.

“The corporation was not contemplating any rise in the price of petrol in March in order not to jeopardise ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship,” he said.

Most fuel stations in the Federal Capital Territory are currently not selling the product, while queues are seen in few stations dispensing to motorists.

Mr. Obateru also cautioned petroleum products marketers not to engage in an arbitrary price increase or hoarding of petrol to create artificial scarcity and unnecessary hardship for Nigerians.

He added that the corporation had enough petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.

(NAN)