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NEWS UPDATE: Fuel scarcity: We’ll deal with depot owners selling beyond approved price – FG

NEWS UPDATE: Fuel scarcity: We’ll deal with depot owners selling beyond approved price – FG

The Federal Government says it will deal decisively and sanction any Depot Owner caught selling petroleum products beyond the approved Ex-Depot price in the country.

Chief Timipre Sylva, Minister of State, Petroleum Resources, made this known on Thursday in Abuja while briefing newsmen on its effort to resolve the issue of fuel scarcity in the country.

Sylva urged the public to report anyone who tried to take advantage of the situation for sanctioning as required by the law.

“We are aware, just like President Muhammadu Buhari said in a statement, that there are some Depot Owners who are taking advantage of the situation by increasing the Ex-depot price.

“I can assure you that there will be sanctions for any of those depots that continue to increase the Ex-depot price as approved. We are going to deal decisively with anyone who tries to take advantage of this situation.

“It been a difficult few weeks; a few weeks ago, we had the issue of petroleum product shortage. I have already addressed that matter which coincided with the geopolitical tension in Ukraine and Russia.

“Prices of crude oil went up exponentially beyond levels expected. As you all know, when crude oil prices rise to that level, it can also affect the derivatives of crude oil.

“Nigerians are suffering because of the high diesel prices, including everywhere else globally.

“This is not peculiar to us at all. Diesel is a deregulated product and therefore, when the prices go up internationally, it affects the price also in Nigeria,” he said.

As a result, the minister said the trucks that could move petroleum products that ran on diesel were impacted and could not really cope with the high diesel prices.

Though he said the products were available in the depots, the trucks could not move the product because of the high cost of transportation.

This, he said, brought in another dimension to the crisis.

“If any deport owner increases price or any fuel station tries to take advantage of the situation, the public should report immediately.

“If we do not get the report, we cannot know what is going on or sanction them,” he said.

Fuel scarcity: We’ll deal with depot owners selling beyond approved price – FG

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