The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has warned petroleum marketers in Osun State against hoarding the products.
The agency also cautioned residents of the state against panic buying, hoarding and storing of petroleum products at home.
The State Coordinator of NMDPRA, Adekunle Adeyemo, gave the warning while speaking with journalists on Monday in Osogbo.
Adeyemo said that the surveillance team of the agency would be all out to ensure that no filling stations hoard the product.
According to him, any marketers caught hoarding the fuel or engaging in any form of sharp practices would be dealt with in accordance with the dictates of the law.
Adeyemo assured that the agency would intensify its monitoring and surveillance of outlets in line with its regulatory mandate to ensure compliance with quality, quantity and safety of operations.
He further stated that the government was doing everything possible to ensure adequate availability of the product, and it will be unfair for independent marketers who have the product in stock to be hoarding it.
“We want to appeal to independent marketers who have petroleum products in stock to stop hoarding.
“It will be inhuman for those who have the product to be hoarding and inflating the pump price. The surveillance team of the agency is already out to ensure that those who have the product are dispensing it to motorists at a reasonable price,” he said.