The Department of Petroleum Resources (DPR), Warri Zonal Office has warned petroleum marketers against hoarding of the product.
Operations Controller, DPR, Warri office, Engr. Antai Asuquo gave the warning during a surveillance exercise by the regulatory agency in Warri recently. The federal government had last 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 regime told newsmen shortly after the exercise that the federal government had enough products that would not warrant panic-buying.
According to him, the pump price of petroleum would be adjusted overtime adding, “The prices of PMS will continually be adjusted overtime time. The next adjustment may be lower, so if you stockpile today and the price dropped tomorrow, who lose?
“Also, the public should not store petroleum products at home thinking that the price will go higher tomorrow, no it may go further downward.”
The DPR boss who expressed satisfaction at the level of compliance in Warri and environs urged other petroleum products marketers to adjust their prices in the overall interest of the general public.
He said the regulatory agency would continue to carry surveillance to ensure that the marketers dispensed at approved pump price and right quantity to the petroleum consumers.
“The petroleum marketers in Delta are complying and we hope that the downward review of the PMS price will also translate into downward review of cost of transportation for the ordinary citizen. Also, downward review of prices of foodstuff like the Minister of State for Petroleum advised all the other end users of petroleum products.
“We will continue to carry out surveillance activities to ensure that not only the price is maintained but that the marketers also dispensed accurately. Of course, customers are sensitive to prices, so it is logistical you comply so that you can remain in business,” Asuquo said.
Some of the retail outlets inspected were: Total filling station, Matrix Energy, Newbridge, Odafe Global Oil and Gas, French Joga and A&E petrol station all in Warri South and Uvwie Local Government Areas of Delta.
Mr Joseph Nyong, a tricycles riders told newsmen that the downward review was timely in view of the harsh economy.
Also Mr John Yonwei, a taxi driver why commending the federal government appealed that the price should be reviewed further downward to cushion the effect of the prevailing economic hardship.