The Department of Petroleum Resources has suspended fuel import permit of Capital Oil, Sahara Petroleum and Folawiyo Petroleum for three months for alleged profiteering.
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The Department of Petroleum Resources (DPR) has suspended for three months fuel import permit of Capital Oil Petroleum Limited, Sahara Petroleum and Folawiyo Petroleum in Lagos for selling Premium Motor Spirit (PMS), otherwise called petrol, above the official ex-depot price of N77.66 per litre..
According to Leadership, other suspended companies are Samon Petroleum, Fynefield Petroleum, Calabar and Stalliionaire Petroleum Limited.
The DPR said in a statement that the companies sold fuel above government regulated price. Besides, the DPR slammed the companies N10million fine for their action.
The statement read: “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.”