By Obas Esiedesa
The Petroleum Products Pricing Regulatory Agency (PPPRA) has threatened to impose sanctions on marketers of petroleum products who fail to display prices of products in their retail outlets.
A statement by the agency at the weekend said prices of products must be displayed at all times, even at night.
The General Manager, Corporate Services of PPPRA, Apollo Kimchi explained during a monitoring exercise in Abuja that the directive became necessary to prevent sharp practices by petroleum marketers in the country.
While explaining that the monitoring exercise is an avenue for the PPPRA to gauge the market response to supply dynamics with a view to effecting policies that will improve supply efficiency.
He emphasised that the exercise affords the PPPRA the opportunity to ascertain first-hand the activities at the end of the value chain in the petroleum downstream sub-sector.
He also stated that the exercise revealed that price competition amongst marketers is intensifying with some selling at N143 per litre while others sold for N145 per litre, he further explained that the Agency is focused on ensuring that the competition does not lead to under-dispensing where marketers will hide under the guise of low price to under-dispense products to unsuspecting customers.
All these discoveries will be fed into policy direction and will also reflect in our collaboration with relevant authorities to know areas that need strengthening and the signs to look out for.
Apollo also explained that the information gathered during the monitoring exercise authenticates the findings made public few weeks ago that the penetration of Liquefied Natural Gas (LPG) is actually becoming very popular amongst Nigerians especially for domestic cooking purposes and that this has also led to the decrease in the consumption of Dual Purpose Kerosene (DPK).