DPR Suspends Capital Oil, Folawiyo, Sahara, Others From Importation of Petrol
- Dec 12, 2015
- 1 min read
The Department of Petroleum Resources has suspended fuel import permit of Capital Oil, Sahara Petroleum and Folawiyo Petroleum for three months for alleged profiteering.
Other companies whose permits were suspended are Samon Petroleum, Fynefield Petroleum in Calabar, Cross River State and Stallionaire Petroleum in Lagos.
The regulatory body alleged that the companies sold fuel above the government regulated price of N77.66k at the depot.
The regulatory body also slammed a N10 million fine on each of the companies and directed the Petroleum Product Pricing Regulatory Agency (PPPRA) to revoke the companies’ allocations.
A statement signed by Mrs A.Y Ogan said: “The Petroleum Product Pricing Regulatory Agency(PPPRA) has been advised to revoke the companies allocation, while the Petroleum Pricing Marketing Company(PPMC) has been informed not to allocate fuel to the erring depots for the period of their sanction.“
The DPR has put in place all necessary machineries to curb all incidents of profiteering, hoarding and other unwholesome practices by operators.“
The public is hereby advised to shun panic buying and report any noticeable infraction to the Department of Petroleum Resources office nearest to you.”
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