The Department of Petroleum Resources (DPR) has suspended for three months the fuel import permits of Capital Oil Petroleum Limited, Sahara Petroleum and Folawiyo Petroleum in Lagos for profiteering.
Other suspended companies are Samon Petroleum, Fynefield Petroleum, Calabar and Stallionaire Petroleum Limited.
The DPR said in a statement that the companies sold fuel above government-regulated price.
Besides, DPR slammed N10 million fine on each of the companies for their action.
A statement signed by Mrs A.Y Ogan said: “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 machinery 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.”
-Leadership