The Minister of State, Petroleum Resources, Timipre Sylva has said that the Federal Government will deal decisively with any Depot Owner caught selling petroleum products above the approved Ex-Depot price in the country.
The minister disclosed this on Thursday in Abuja while briefing journalists on its effort to resolve the current fuel scarcity in the country.
Sylva, who noted that the high cost of products has brought hardship on citiens, urged the public to report anyone selling at exorbitant prices for sanctioning as required by the law.
According to him, “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.
“I can assure you that there will be sanctions for any of those depots that continue to increase the Ex-depot price as approved. We are going to deal decisively with anyone who tries to take advantage of this situation.
“It’s been a difficult few weeks; a few weeks ago, we had the 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 explained that the products were available in the depots, however, the trucks that could move them to parts of the country are affected because of the high cost of transportation.
