The federal government has linked the increasing rise in the price of petrol in the country to the action of petroleum marketers who are in a hurry to make illicit profits from the hardship of Nigerians.
The Minister of State for Petroleum Resources, Timipre Sylva, stated this Wednesday while answering questions from State House reporters after the Federal Executive Council (FEC) meeting held at the Presidential Villa, Abuja.
Reports have it that most fuel stations in different parts of the country now sell above the approved pump price of N195 with many others reportedly hoarding the product.
Speaking on the development, the minister said, “We have reports of profiteering by marketers, and I’ve directed Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to sanction anybody who profiteers in this kind of situation. I mean, we cannot stand by and watch our citizens being exploited by marketers.
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“But of course, I’ve given that directive and I don’t know if it has not taken effect. I don’t know the details of how far that directive has been carried out. But I’m going to still further give that directive if that is still the situation, but we are definitely not paying a blind eye at all.”
Sylva, while stating that the ministry was not in control of all the factors that had contributed to the fuel scarcity crisis, assured that all steps were being taken to end the hardship.