DPR, PPPRA warn petroleum marketers over hoarding, overpricing during Yuletide season – Independent Observers

DPR, PPPRA warn petroleum marketers over hoarding, overpricing during Yuletide season

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By Kunle Adedoyin

The Department of Petroleum Resources (DPR) and Petroleum Products Pricing Regulatory Agency (PPPRA), have announced the intensification of petroleum products monitoring and surveillance activities across the country.

Engineer Buba Abubakar, DPR’s Zonal Operations Controller at Abuja, in a statement, said this is aimed at forestalling any hitch in fuel supply during the Yuletide.

Abubakar warned all petroleum products marketers to desist from any form of profiteering, ranging from petroleum products diversion, hoarding, adulteration, under-dispensing, overpricing or any other sharp practice.

He said that severe sanctions would be meted on any marketer found culpable of any of the offences.

He also enjoined the general public to avoid panic buying and go about their normal businesses, especially as the NNPC had assured of availability of petroleum products that can sustain the nation throughout the Yuletide and beyond.

Likewise, Abdulkadir Saidu, Executive Secretary, PPPRA, warned marketers against unwholesome practices that could cause Nigerians hardship during the period and beyond.

Saidu warned marketers to operate within the ambience of the rules that guide downstream operations, noting that the federal government has no intention of increasing the price of PMS.

He, therefore, stated that there would be no need of hoarding products by marketers or panic-buying by consumers.

The PPPRA boss hinted that while officials of the Agency would be deployed to monitor the conducts of the marketers during the period and beyond, the PPPRA would not hesitate to sanction any erring marketer caught engaging in irregular practice.

He explained that the average petrol inland stock between 23rd and 29th November 2019 stood at 1.145 billion litres, while marine stock was 1.542 billion litres with the total stock standing at 2.688 billion litres.

He also said that inland days sufficiency was 20 days, marine days sufficiency was 27 days, while total days sufficiency stood at 47 days.

Saidu further assured users of diesel that the country has a total of 593.989 million litres of AGO or diesel with an inland days sufficiency of 29.56 days and marine days sufficiency of 12.88 days, bringing total days sufficiency to 42.44 days.

He said Nigeria has over six days sufficiency with a total of 8.119 million litres of HHK of household kerosene for domestic use popularly called kerosene.  

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