The Federal Government has cautioned petroleum marketers against engaging in sharp practices, including hoarding and illegal price adjustments, ahead of the holiday season.
Kunle Adeyemo, State Coordinator for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Osun, issued the warning on Wednesday in Osogbo, stressing that marketers found guilty of such practices would face sanctions.
“Petroleum products are available in all depots across the country,” Adeyemo assured. “There’s no need for stockpiling or panic buying.” He also advised motorists against storing petroleum products in residential areas or making rash purchases to prevent fire tragedies.
Adeyemo emphasized the importance of using authorized and accredited gas facilities, warning marketers against diversion, under-dispensing, hoarding, adulteration and unsafe acts. He stated that any marketer or operator caught engaging in such practices would be sanctioned accordingly.