Marketers Dare DPR, Sell Petrol Above Official Prices

Despite last Wednesday’s announcement by the Department of Petroleum Resources (DPR) that it had set up a task force to supervise and monitor the sale of petrol in some depots, some major and independent marketers have continued to sell above the official pump and ex-depot prices.

The regulatory agency had summoned a meeting of the stakeholders – Pipelines and Products Marketing Company (PPMC); Petroleum Products Pricing Regulatory Authority (PPPRA); Major Oil Marketers Association of Nigeria (MOMAN); Depots and Petroleum Products Marketers Association (DAPPMA) and the Independent Petroleum Marketers Association of Nigeria (IPMAN), where the agency conveyed its displeasure at the illegal sale of petrol above the stipulated pump price.

Citing the Petroleum Control Act CAP.351 Laws of the Federation of Nigeria 1990 and the Petroleum Act 1969 (as amended), the agency noted the prevailing hike in retail prices of Premium Motor Spirit (PMS) and Dual Purpose Kerosene (DPK) across the country is as a result of the unscrupulous activities of some depot owners and major marketers who are engaged in selling PMS and DPK to various retailers at prices higher than the official ex-depot price of N77.66k and N34.51K respectively

To curb these sharp practices, the DPR announced the immediate suspension of direct sales of PMS and DPK from the affected depot owners and major marketers.

It also announced the immediate setting up of a special DPR task force on supervision and monitoring of product sales from the affected depots with powers to undertake the sale of products from these depots.

According to THISDAY,  investigations has revealed that petrol is till being sold above the official ex-depot price by most of the major and independent marketers.

This development, it was learnt, prompted the regulatory agency to secretly visit some of these facilities at the weekend and sealed the depots of Integrated Oil and Gas; Ascon Oil, and Swift Oil, while others escaped the agency’s sledge hammer by the whiskers.

A random weekend market survey conducted by at the various depots in Lagos showed that even those that displayed ex-depot price of N77.60 on their billboards to show that they have complied with the DPR directive, have devised other means of collecting money from their customers to make up for the balance.

It was gathered that while these marketers collect N77.60 as ex-depot price, they have created other accounts into which customers pay additional money, thus increasing the ex-depot price through the back door.