The federal government has stated that any Depot Owner caught selling petroleum products above the authorised Ex-Depot price in the country will face severe consequences.
Chief Timipre Sylva, Minister of State for Petroleum Resources, stated this on Thursday in Abuja while briefing journalists on the government’s efforts to address the country’s fuel scarcity problem.
Sylva advised the public to report anyone who tried to profit from the situation so that the law could be followed.
“We are aware, as President Muhammadu Buhari stated in a statement, that some Depot Owners are profiting from the situation by raising the Ex-depot price.”
“I can promise you that any depot that continues to increase the Ex-depot price as approved would face sanctions.” Anyone who tries to take advantage of this circumstance will be dealt with harshly.
“It’s been a challenging few weeks; we experienced a gasoline product shortage a few weeks ago.” That issue, which coincided with the geopolitical tensions between Ukraine and Russia, has already been addressed by me.
“Crude oil prices have risen at an exponential rate, well beyond expectations. As you are all aware, when crude oil prices reach that level, it might have an impact on crude oil derivatives.
“High diesel costs are hurting Nigerians, as well as people all across the world.”
“This isn’t at all unusual for us.” Diesel is a deregulated product, therefore when worldwide prices rise, it affects the price in Nigeria,” he explained.
As a result, the minister stated that diesel-powered trucks used to transport petroleum goods were impacted and could not cope with the high diesel prices.
Despite the fact that the products were available in the depots, the trucks were unable to deliver them due to the high cost of transportation.
He claimed that this added a new dimension to the situation.
“Any deport owner who raises prices or any petrol station that seeks to profit from the situation should be reported immediately.”
“If we do not get the report, we cannot know what is going on or sanction them,” he said.
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