PRESS RELEASE:
CAPITAL OIL & GAS INDUSTRIES LIMITED BANS SOME MARKETERS FROM LIFTING PETROLEUM PRODUCT FROM OUR TERMINALS UNTIL THEY COMPLY WITH THE DIRECTIVE TO DELIVER PRODUCT AT DESIGNATED LOCATIONS AND SELL AT GOVERNMENT APPROVED PRICES
The management of Capital Oil & Gas Industries Limited has announced a ban on some oil marketers who collect petroleum products from its terminal at the designated prices only to resell the allocated products at prices far above the stipulated prices set by the federal government.
It described the diversion of petroleum products “to locations other than those approved by relevant authorities” as “unpatriotic”, it explained that the ban has become necessary to save Nigerians from such “unscrupulous practices such as these ultimately affect the citizens of our country as products are sold at some locations above the fixed price of N87/litre for Premium Motor Spirit (PMS). Since Capital Oil & Gas distributes a high percentage of petroleum products consumed daily nationwide, the general perception held by some filling station operators and end users may be that we are short changing Nigerians.”
In a statement released by the management, Capital Oil & Gas Industries Limited said that “going forward, only marketers that are willing to comply with the directive to deliver petroleum product loaded for designated locations or filling stations and sold at the stipulated prices will be allowed to load from our terminal.”
The company stated that it is fully aware that the ban “will generate lots of threats, intimidation and blackmail from various quarters especially those involved in these activities. But we shall not be deterred.”
It restated its determination to “join hands with the relevant government agencies to ensure products loaded from our terminal are discharged at designated filling stations nationwide in line with directives given at various stakeholders’ meetings held with relevant government agencies.”
The company restated its commitment “to making petroleum products available to Nigerians at the prices stipulated by the relevant government agencies and have indeed played a vital role in ensuring constant availability of petroleum products nationwide.”
It noted that “in recent times, we have received hard knocks from some of our colleagues in the industry especially when we defied the last strike that almost crippled economic activities nationwide. An ugly situation that made banks announced early closures, shutdown of services rendered by telecommunication companies, difficulty in road transportation and flight cancellations as well as inability of hospitals, hotels, government offices etc to function due to non-availability of petroleum products to power their generators and vehicles.”
The full statement read: “It has come to our notice the unpatriotic activities of some petroleum marketers who load petroleum products at our terminal and resell the allocated product at exorbitant prices far above the stipulated prices set by government. These products are often times diverted to locations other than those approved by relevant authorities. In the past few days, some newspaper houses have recently investigated and published cases of alleged diversion by some marketers.
“Unscrupulous practices such as these ultimately affect the citizens of our country as products are sold at some locations above the fixed price of N87/litre for Premium Motor Spirit (PMS). Since Capital Oil & Gas distributes a high percentage of petroleum products consumed daily nationwide, the general perception held by some filling station operators and end users may be that we are short changing Nigerians.
“Our company is committed to making petroleum products available to Nigerians at the prices stipulated by the relevant government agencies and have indeed played a vital role in ensuring constant availability of petroleum products nationwide.
“In recent times, we have received hard knocks from some of our colleagues in the industry especially when we defied the last strike that almost crippled economic activities nationwide. An ugly situation that made banks announce early closures, shutdown of services rendered by telecommunication companies, difficulty in road transportation and flight cancellations as well as inability of hospitals, hotels, government offices etc to function due to non-availability of petroleum products to power their generators and vehicles.
“We are fully aware that our current actions will generate lots of threats, intimidation and blackmail from various quarters especially those involved in these activities. But we shall not be deterred.
“Capital Oil & Gas is determined to join hands with the relevant government agencies to ensure products loaded from our terminal are discharged at designated filling stations nationwide in line with directives given at various stakeholders’ meetings held with relevant government agencies.
“Going forward, only marketers that are willing to comply with the directive to deliver petroleum product loaded for designated locations or filling stations and sold at the stipulated prices will be allowed to load from our terminal.”
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