DPR threatnes to sanction oil marketers selling, buying petroleum products above approved price

The Department of Petroleum Resources (DPR), on Monday, in Lagos warned oil marketers against buying or selling petroleum products above government regulated prices.

The warning is contained in a statement signed by Mr George Ene-Ita, DPR Deputy Manager, Communications.

According to it, the warning stemmed from the persistent sharp practices in the petroleum products supply chain with regards to the official pump price of products.

“Dealers in petroleum products who are either sellers or buyers are hereby warned again buying or selling above the government regulated prices.

“Unlicensed third party buyers that operate outside of the Petroleum Products Marketing Company, Depots and Petroleum Pricing Marketers Association of Nigeria (DAPPMA) and Major Oil Marketers Association of Nigeria (MOMAN) are hereby warned to desist or face the wrath of the law,” it said.

The statement also warned marketers to desist from illegal diversion of the products.

It said that any marketer caught diverting petroleum products would either be fined N200 per litre or prosecuted.