FG threatens to withdraw fuel marketers’ licences over hoarding

The Nigerian Federal Government has issued a stern warning to fuel marketers, threatening to revoke their licenses if they are found hoarding petroleum products. This warning comes amid a worsening fuel crisis in various parts of the country, characterized by long queues at filling stations and skyrocketing fuel prices.

The government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has emphasized that it has no plans to increase the price of Premium Motor Spirit (PMS), commonly known as petrol. It warned marketers against creating artificial scarcity by withholding fuel from the market, as this is exacerbating the already difficult situation for consumers.

This crisis has been linked to a combination of factors, including adverse weather conditions that disrupted the supply chain, and possible financial issues faced by the Nigerian National Petroleum Company Limited (NNPC), which has reportedly struggled to pay suppliers, leading to delays in fuel distribution.

The government is closely monitoring the situation and has promised to take strict actions, including license revocations, against those contributing to the artificial scarcity.

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