These groups are hoarding to create artificial scarcity and then selling petrol at N95 per litre, instead of the approved ex-depot price of N77.66, despite getting supplies from the Nigerian National Petroleum Corporation (NNPC) and also enjoying Petroleum Support Fund (PSF) subsidy, says DPR.
The oil and gas regulatory agency says the marketers are making double gains as they are paid subsidy from the PSF and yet they still arbitrarily increase the exdepot price of petrol.
As of Wednesday, some of the depots sold petrol to dealers at N95 per litre, as against the government approved price.
DPR therefore warns that the licences of offenders would be withdrawn henceforth if they do not desist from such practices, saying the actions of the depot owners who charge a premium of over N17.34 on a litre of petrol, over the officially approved price amounts to defrauding government and the public, since they all get the subsidy for the products they bring into the country.
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