The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued a stern warning to petroleum marketers against hoarding and engaging in unethical practices during the yuletide season and beyond.
This was made known in Osogbo by the NMDPRA State Coordinator, Kunle Adeyemo, while addressing journalists on Wednesday.
He emphasized that any marketer found hoarding fuel or tampering with pump settings illegally would face strict sanctions in a report by the News Agency of Nigeria.
Adeyemo, in his statement, noted that the agency would intensify its monitoring and surveillance efforts across the state to ensure compliance with its regulatory mandate. This includes checks on the quality, quantity, and safety of operations at petroleum outlets.
“Petroleum products are available in all the depots around the country,” Adeyemo assured. “Marketers should not engage in diversion, under-dispensing, hoarding, adulteration, and unsafe acts in petroleum retail outlets. Any marketer or operator caught engaging in sharp practices will be sanctioned accordingly. “He stated
He, however, advised motorists to refrain from panic buying or storing fuel in residential areas, noting the potential for fire disasters.
“Members of the public should also desist from storing petroleum products at homes because such action can cause fire outbreaks,” he added.
Adeyemo reassured residents that the Federal Government had ensured a sufficient supply of petroleum products to last throughout the festive season and beyond, making panic buying unnecessary.
The NMDPRA coordinator also urged residents to only patronize certified and approved gas facilities within the state.
Backstory
Fuel hoarding has become a common practice among some individuals, a trend that is negatively impacting the economy. This follows an earlier report by Nairametrics highlighting concerns raised by the Department of Petroleum Resources (DPR).
- The Chief Executive of DPR, Sarki Auwalu had warned depot owners against hoarding petroleum products, following reports of long queues at filling stations nationwide.
- The DPR attributed the queues to artificial scarcity caused by some depot owners and marketers withholding supplies.
The agency emphasized the importance of transparent and fair distribution, warning that violators would face strict penalties. It pledged to intensify monitoring to ensure compliance and maintain a steady supply of petroleum products for public convenience.
What you should know
Recent actions by regulatory authorities highlight critical issues in Nigeria’s petroleum sector, including hoarding, artificial scarcity, and safety concerns.
- Fuel hoarding creates artificial scarcity, leading to panic buying, long queues, and disruptions in the supply chain. This not only inconveniences consumers but also destabilizes the market. It fosters unnecessary fear and uncertainty, making it difficult for the public to access fuel at reasonable prices, and harms the economy as a whole.
- NMDPRA has intensified surveillance to ensure compliance with safety, quality, and fair distribution standards.
Violators involved in under-dispensing, diversion, or adulteration of products will be sanctioned.