By Fatima Saka
The Federal Government of Nigeria is set to deal decisively and sanction any Depot Owner caught selling petroleum products beyond the approved Ex-Depot price in the country.
The Minister of State for Petroleum Resources, Timipre Sylva, made this statement on Thursday in Abuja while briefing Press on its effort to resolve the issue of fuel scarcity in the country.
Sylva urged the public to report any one 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,” he stated.
“I can assure you that there will be sanctions for any of those depots that continues to increase the Ex-depot price as approved. We are going to deal decisively with anyone who tries to take advantage of this situation.
“Its been a difficult few weeks; few weeks ago, we had 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.
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