Oil & Energy
Price Hike: DPR Cautions Marketers, Depot Owners
Authorities of the Depart
ment of Petroleum Resources (DPR), have revealed that the prevailing hike in retail prices of PMS and Dual Purpose Kerosene (DPK) across the country is as a result of the unscrupulous activities of some depot owners and major marketers.
DPR accused the depot owners and some major marketers of selling PMS and DPK to various retailers at price higher than the official ex-depot price of N77.66k and N34.51k respectively.
A statement by DPR Deputy Manager, Communications, George Ene-Ita which stated this, said consequent up this development, DPR has vowed to go after the erring depots and marketers.
The statement said, DPR had summoned members of the Depot and Petroleum Products Marketing Association of Nigeria (DAPPMAN), Major Oil Marketers Association of Nigeria (MOMAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) to a meeting on the issue.
According to the Deputy Director, resulting from a meeting held Wednesday in Lagos between DPR and all stakeholders in the downstream sector of the petroleum sector, PPMC, PPPRA, MOMAN, DAPPMAN and IPMAN which was summoned to convey government’s displeasure at the illegal sale of petrol above the stipulated pump price and the attendant long queues at filling stations, DPR hereby issues suspension of direct sales of PMS and DPK from the affected Depots and marketers.
“To check the unprincipled activities of these depot owners and the major marketers in this regard and to prevent further imposition of hardship on the general public, the DPR is resolved to take immediate steps to directly supervise the sale of PMS and DPK from these affected depots in order to ensure that appropriate pricing is strictly adhered to”.
“The immediate setting up of a special DPR task force on supervision and monitoring of product sales from the affected depots with powers to undertake the sale of products from these depots”, he said, adding that the task force would liaise with the PPMC, PPRA and law enforcement agencies.
According to Ene-Ita, the DPR special task force shall issue directives and guidelines to the general public on the procedure for the enforcement of the supervised sales throughout the period of the exercise until normalcy returns to the sector.
He advised depots, marketers and operators in the sector to strictly abide by the official pricing regime to avoid DPR sanctions which might include the activation of all conditions that may lead to the denial of any marketer from further participation in the PSF scheme and withdrawal of licenses of a facility.
Chris Oluoh
Oil & Energy
Reps C’mitee Moves To Resolve Dangote, NUPENG Dispute

Oil & Energy
Increased Oil and Gas: Stakeholders Urge Expansion Of PINL Scope

Oil & Energy
Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
-
Sports1 day ago
Falconets thrashes 4-0 Rwanda in qualifiers
-
Education1 day ago
FRSC to Establish Driving Training Centre at UniPort
-
Oil & Energy1 day ago
Afam 2 Power Plant Adds 160MW To National Grid, says Sahara Group
-
Business1 day ago
SMEDAN, CAC Move To Ease Business Registration, Target 250,000 MSMEs
-
Maritime1 day ago
Blue Economy: FG Targets Lower Logistic Costs, Trade Competitiveness
-
Rivers1 day ago
Youth Leader Lauds Tinubu, Over Ogoni oil Dispute
-
News1 day ago
Shettima departs New York for Germany after UNGA engagement
-
Sports1 day ago
FBN, Group Hold First E1 Lagos GP Champion Oct.3