Financial Energy Review
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has alleged that petroleum product marketers are taking advantage of seeming gaps and teething challenges in the implementation of the Petroleum Industry Act (PIA) to enrich themselves at the expense of the country and the people.
The union in a statement, yesterday, by its President and General Secretary, Williams Akporeha and Afolabi Olawale respectively, argued that it was an undeniable fact that the Petroleum Motor Spirit (PMS) is still under subsidy regime.
It said the union finds it disheartening and worrisome that the unscrupulous marketers are selling PMS from the depots at prices far above the official rate.
To this end, the union gave the marketers 24-hour ultimatum with effect from midnight of Sunday, February 27, 2022 to revert back to official rate of N148.77, threatening it shall name and shame those involved as public enemies, aside other sanctions.
The union expressed concern about the seemingly helplessness of the Nigerian National Petroleum Corporation (NNPC) in view of the implementation of the Act, noting that the marketers are taking advantage of the newness of the Nigerian Midstream and Downstream Regulatory Authority (NMDRA) to rip off Nigerians.
“The nation and the people are bleeding and in the absence of any decisive institutional intervention, NUPENG has decided to once again rise in defense of the people, the nation and the industry.
“We are directing our officials in all zones to compile lists of petrol stations hoarding products during the day and selling at nights at exorbitant rates for possible sanctions. This also includes petroleum products depots hoarding products because of our decision on this matter.”
While imploring the general public to bear with the union in whatever actions it deemed necessary against those extorting the people, it said the union cannot continue to watch as some cabals keep on exploiting the people and the nation.
According to NUPENG, it is also disturbing that even though AGO, ATK and DPK are deregulated, there must be some measures of checks and control over the prices otherwise the entire productive activities will be grounded.
