Department of Petroleum Resources (DPR) has suspended the fuel import permit of Sahara Petroleum and five other petroleum companies for selling fuel above government regulated price.
The other companies include Capital Oil Petroleum Limited, Folawiyo Petroleum, Samon Petroleum, Fynefield Petroleum, Calabar and Stalliionaire Petroleum Limited.
The DPR said in a statement that the companies will be suspended for three months and they will also pay a fine of N10 million for their action.
The statement signed by Mrs A.Y Ogan read “The Petroleum Product Pricing Regulatory Agency(PPPRA) has been advised to revoke the companies allocation, while the Petroleum Pricing Marketing Company(PPMC) has been informed not to allocate fuel to the erring depots for the period of their sanction.
“The DPR has put in place all necessary machineries to curb all incidents of profiteering, hoarding and other unwholesome practices by operators.
“The public is hereby advised to shun panic buying and report any noticeable infraction to the Department of Petroleum Resources office nearest to you.”