DPR warns petroleum marketers against hoarding

The Department of Petroleum Resources (DPR), Warri Zonal Office has warned petroleum marketers against hoarding the product.

The Operations Controller, DPR, Warri office, Engr. Antai Asuquo gave the warning during surveillance by the regulatory agency on Monday in Warri.

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Recall that the Federal Government had on Wednesday reviewed downward the pump price of petroleum product from N145 to N125 per litre.

Asuquo, who led the regulatory team to ascertain the level of compliance to the new price the regime, told newsmen shortly after the exercise that Federal Government had enough products that would not warrant panic-buying.

According to him, the pump price of petroleum would be adjusted over time.

“The prices of PMS will continually be adjusted over time. The next adjustment may be lower, so if you stockpile today and the price dropped tomorrow, who loses?

“Also, the public should not store petroleum products at home thinking that the price will go higher tomorrow, no it may go further downward,” he said.

The DPR boss who expressed satisfaction at the level of compliance in Warri and environs, urged other petroleum products users to adjust their prices in the overall interest of the general public.

He said that the agency would continue to carry out surveillance to ensure that the marketers dispensed at approved pump price and the right quantity to consumers. “The petroleum marketers in Delta are complying and we hope that the downward review of the price of PMS  will also translate into downward review of the cost of transportation for the ordinary citizen.”