Despite federal government’s recent pronouncement that oil marketers who sell petroleum products above the N87.66 ex-depot price approved by the Petroleum Products Pricing Regulatory Agency (PPPRA) would be handed over to the Economic and Financial Crimes Commission (EFCC) for sanction, investigations weekend revealed that some oil depots in Lagos have increased the ex-depot price of Premium Motor Spirit (PMS) also known as petrol.
Oil marketing and trading companies that defied the directive and have continued to sell PMS above the stipulated ex-depot price include Bovas, Techno Oil, Aiteo, Emadeb and Ascon. Others are Folawiyo Oil, Swift Oil, Sahara Energy and Gulf Treasure.
The federal government through the PPPRA had recommended an ex-depot price of N87.66 per litre for PMS at the depots, so that retail outlets could dispense the product at government’s approved pump price of N97 per litre.
But THISDAY’s investigation has revealed that some major and independent private oil marketers have continued to sell at ex-depot price of between N98 and N100 per litre, in defiance to federal government’s directive. The hike in the ex-depot price, has prompted the retail outlets to indulge in sharp practices such as product under-dispensing, and selling at exorbitant rates.
For instance, Swift Oil and Techno Oil, Ascon and Aiteo depots sell at N98 per litre, Folawiyo depot, Apapa sells at N99.50K, while Bovas depot sells at N99 per litre. Similarly, Emadeb depot sells at N97.50, Nipco plc at N95, Sahara Energy, N98.20k and Gulf treasure depot N100.
Worried about the development, the Ministry of Petroleum Resources, in a recent statement signed by the permanent secretary in the ministry, Danladi Kifasi, warned oil marketers to desist from exploiting unsuspecting members of the public by indulging in unwholesome practices.
Kifasi also warned that errant oil marketers would be handed over to relevant agencies of government including the Department of Petroleum Resources (DPR) and the Economic and Financial Crimes Commission (EFCC) for adequate sanction.
The DPR had carried out checks on some oil depots in Lagos following reports of unauthorized hike in ex-depot price of PMS.
THISDAY gathered that officials of the oil and gas regulatory agency inspected three tank farms located in Apapa area of Lagos, following a tip-off that they were selling above the stipulated ex-depot price of N87.66.
DPR officials were said to have confirmed the hike by inspecting sales coupons of the alleged defaulting companies. The DPR officials have however hinted that errant oil depots would be sealed. Thisday
