DPR Suspends Import Licenses Of Capital Oil, Capital Petroleum & 4 Others
The Department of Petroleum resources has announced a three month suspension of import licenses on three oil companies.
The affected companies are, Sahara Oil, Capital Oil as well as Folawiyo Petroleum,Samon Petroleum, Fynefield Petroleum, Calabar and Stalliionaire Petroleum Limited.
The seven companies are accused of hoarding and profiteering as Nigeria battles biting fuel scarcity.
They have also been mandated to pay N10 million each as fines.
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 machineries to curb all incidents of profiteering, hoarding and other unwholesome practices by operators.