Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

DPR warns against hoarding of petroleum products by depot owners, threatens sanctions

Chike Olisah by Chike Olisah
February 17, 2021
in Energy, Spotlight
FG directs 9,000 filling stations to install gas facilities, FG discloses when Nigeria will start exporting petroleum products, DPR closes seven gas firms in Lagos, plans to close more, DPR moves to check smuggling, gives filling stations ultimatum to migrate to DRMS platform

Sarki Auwalu, DPR

Share on FacebookShare on TwitterShare on Linkedin

The Department of Petroleum Resources (DPR), has warned depot owners against the hoarding of petroleum products in their facilities across the country.

This follows the reported appearance of queues at some filling stations across the country, which could be a result of artificial scarcity created by the depot owners and some retail marketers.

According to a report by the News Agency of Nigeria (NAN), this warning was issued by the Director/Chief Executive of DPR, Mr Sarki Auwalu, in a statement on Wednesday, February 17, 2021, in Lagos.

Auwalu, in his statement, noted that the warning had become imperative following reports received by the agency on the unwholesome activities of some depot owners who have created artificial scarcity by hoarding products in some parts of the country.

Their illegal activities could be to ultimately help achieve their agenda of driving up the price of these petroleum products.

While pointing out that the nefarious activities of these depot owners is causing untold hardship to Nigerians, Auwalu said that from available records, there was product sufficiency in the country and that there was no need for such practices by these group of unpatriotic citizens.

The DPR boss emphasized that as the agency saddled with the responsibility of issuing licenses to all oil and gas facilities in the country, it would not hesitate to apply appropriate sanctions on any depot found wanting in this regard.

He said that the agency had set up a special task force to intensify surveillance and monitoring of all depots to check this anomaly and also noted that DPR would continue to provide its regulatory focus of quality, quantity, integrity, and safety (QQIS) for the effective operations of the downstream sector.

What you should know

  • The rise in the global price of crude oil to over $63 per barrel has led to a lot of uncertainty in the downstream sector of the oil industry as petrol marketers had expected an increase in the pump price of the product as the Federal Government had earlier announced the removal of petrol subsidy.
  • Some oil marketers had directed their members to sell at increased prices for the product despite no official confirmation or approval from the Federal Government to that effect.
  • It must be noted that the price of crude oil is a major determining factor in the pricing template of the price of petrol.

Related

Tags: department of petroleum resourcesDPRSarki Auwalu

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Eco Bank
Access Bank
Bankers Committee
First bank


Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Kwakol Markets




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • NGX gains N302 billion as IMG, Champion lead gainers to sustain bullish rally
    • Konga mid-year shopping festival goes live from Wednesday, June 1
    • FG says Nigeria’s favourable business environment has created 5 blue-chips firms

    Follow us on social media:

    Recent News

    Closed Period, Investors' demand for Nigerian stocks climb, as portfolio investment gains N223.4 billion, NSE CGI down by 0.93%, as shares of Unilever, Dangote Sugar, PZ decline, Positive Sentiment drives N13.54 billion Appreciation in Market Capitalization

    NGX gains N302 billion as IMG, Champion lead gainers to sustain bullish rally

    May 26, 2022
    Konga mid-year shopping festival goes live from Wednesday, June 1

    Konga mid-year shopping festival goes live from Wednesday, June 1

    May 26, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com