Petroleum regulatory agency warns marketers against sharp practices

The Adamawa State office of the Nigeria Midstream and Down Stream Petroleum Regulatory Authority (NMDPRA) has warned Independent Petroleum Marketers against hoarding or diverting the product.

Dr Bashir Kafur, the Coordinator incharge of the regulatory agency in the state, gave the warning while on intensive routine patrol across some petroleum stations in Yola on Thursday.

He said that the agency would not spare erring marketers who used the fuel subsidy removal to cause unnecessary hardship to consumers, saying, “we would not hesitate to sanction violators”.

According to him, the price of a liter of petroleum would be determined by the market forces of demand and supply, while assuring that the situation would normalise itself.

“We would not tolerate sharp practices, especially compromising safety measures or under-dispensing of the commodity to short change the consumers,” he said.

The News Agency of Nigeria (NAN) reports that some Petroleum stations in Yola metropolis are selling a liter of the commodity between N530 and N550.