The Department of Petroleum Resources (DPR),has said that any depot that sell fuel above the ex-depot price of N133.38 to petroleum marketers would be liable to three months closure and a fine of twenty million naira fine.
He also said depots selling Pipelines and Product Marketing Company(PPMC) to bulk buyers without verifiable retail outlets would be slammed a fine of ten million naira fine and closure for at least six months, after the products in the depot have been sold off.
Besides, Akinyosoye said fine of N200.00 per litre would be imposed on the hoarded product at retail outlets and the erring station would be closed for at least six months.
He said the recovered product would be auctioned off free to the public. For selling product above the price cap at retail outlets, the official added that such station risk six-month closure, while product being sold above the cap price would be auctioned off to the public.
He added, “It has come to the notice of the Department that some depot owners are selling PMS to unlicensed bulk buyers and some retailers at prices above the approved ex-depot prices. We have also noticed that some retail outlets hoard PMS or sell at above the industry-set cap price.
“These actions are clear violations of the Petroleum Act 1969 and extant Regulations and they worsen the current supply challenges by bringing unnecessary hardships on the consumers.
“Sequel to the foregoing, the Department has been sanctioning the erring operators and wishes to hereby reiterate that the following penalties would be imposed on any operator engaging in illicit acts as applicable’’
He assured Nigerians that the government is expediting action to ensure restoration of normalcy to the oil sector.