• Friday, May 24, 2024
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BusinessDay

NMDPRA warns against hoarding of fuel

Fuel subsidy removal: Nigeria’s painful path to economic revival

By Olubunmi Oladejo

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Osun State has warned petroleum marketers in the state against hoarding of the product.

Similarly, the agency warned residents of the state against panic buying, hoarding and storing petroleum products at home.

A statement by Mr Adekunle Adeyemo, the state coordinator of the agency on Monday in Osogbo, said that the surveillance team of the agency would be all out to ensure that no filling stations hoard the product.

Adeyemo said that any marketers caught hoarding the fuel or engaging in any form of sharp practices would be dealt with according to the dictate of the law.

He promised that the agency would intensify its monitoring and surveillance of outlets in line with its regulatory mandate to ensure compliance with quality, quantity and safety of operations.

He said, “We want to appeal to independent marketers who have petroleum products in stock to stop hoarding. It will be inhuman for those who have the product to be hoarding and inflating the pump price”.

“The surveillance team of the agency is already out to ensure that those who have the product dispense it to motorists at a reasonable price”.

“However, any filling station caught hoarding the product with the view of inflicting pain on the masses will not be spared.

“Yes, there might be a little challenge in the supply process, but relevant government agencies are doing everything possible to ensure that the situation is normalised”.

“We will not fold our hands while some few individuals will inflicting undue pain on the residents of the state by hoarding the products”, he said.

In Osogbo, Business Day noticed long queues in some filling stations while most closed their doors.

Those that are open were selling petrol for as high as N800 to N900, due to this motorists have hiked the transport fares.