Calabar - The Department of Petroleum Resources (DPR) on Tuesday suspended operations of FINEFIELD Petroleum Calabar for allegedly selling petroleum products above the depot price of N77.66.
Antai Asuquo, DPR Controller Calabar and Eket, said in Calabar that the action was in line with the Federal Government’s renewed fight against corruption in the oil sector.
"We have concrete evidence beyond doubt that FINEFIELD Petroleum sold product out at N87 as against approved price of N77.66.
They asked their customers to go and pay into two different First Bank accounts. That is, as they pay the normal price into one account, they pay the excess into another.
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"That has been the practice in time past. They have been doing it and getting away with it but the DPR says it is now time to do business as it should be.
"If they want to continue doing business then they should do it in line with government’s rules and regulations.
"The product is being subsidised by government and there is no reason whatsoever why it should be sold above approved price.
They must sell at the approved price of N77.66," he said.
The controller added that the company must return all excess funds to government while the remaining products in their storage tank should be sold to the public at approved depot price.
He further stated that the company would pay a fine of N2 million to the government for flouting its directve while their operations would be reviewed after all considerations and deliberations.