“Should Not Engage”: FG Sends Message to Marketers on Petrol Price Adjustment

• The federal government has warned petroleum marketers in Osun to avoid stockpiling and using deceptive practices
• Additionally, the government warned state residents against panic purchasing and storing petroleum products at home
• The coordinator of NMDPRA said any marketer caught unlawfully storing fuel or altering a pump could be sanctioned

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Petroleum marketers have been cautioned by the federal government through Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Osun to refrain from hoarding and any other sharp tactics prior to, during, and following the holiday.

Residents of the state were also cautioned by the agency not to store petroleum products at home or engage in panic shopping

FG warns about price adjustment

Speaking to reporters in Osogbo on Wednesday, Kunle Adeyemo, the state coordinator for the NMDPRA, issued the warning acccording to a The Guardian report.

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According to Adeyemo, any marketer found to be illegally adjusting a pump or storing fuel could face sanctions.

Speaking to reporters in Osogbo on Wednesday, Kunle Adeyemo, the state coordinator for the NMDPRA, issued the warning.

According to Adeyemo, any marketer found to be illegally adjusting a pump or storing fuel could face sanctions.

Additionally, Adeyemo cautioned drivers against storing petroleum products in or near residential areas or making rash purchases in order to prevent fire tragedies.

The NMDPRA coordinator stated that there was no need for stockpiling or panic buying because the Federal Government had made enough petroleum products available to last through the holiday season and beyond.

“Petroleum products are available in all the depots around the country.

“Marketers should not engage in diversion, under-dispensing, hoarding, adulteration and unsafe acts in petroleum retail outlets.

“Any marketer or operator caught engaging in sharp practices will be sanctioned accordingly.

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“Members of the public should also desist from storing petroleum products at homes because such action can cause fire outbreak”, he said.

Additionally, Adeyemo urged state people to always use authorized and accredited gas facilities.

Another Nigerian refinery begins fuel export

Legit.ng reported that the recently renovated Port Harcourt refinery has already begun exporting petroleum products, according to data analysis company Kepler.

Gulf Transport and Trading Limited, based in Dubai, purchased the refinery's first shipment of low-sulfur straight-run fuel, according to the company.

Additionally, it stated that the facility began operating Coolant Distribution Unit 1, which is expected to pin 20,000 barrels per day.

Source: Legit.ng