The Pipelines and Product Marketing Company has revoked the bulk purchase agreements of three petroleum marketers allegedly caught diverting petroleum products out of the country, an official has said.
Manager, Public Affairs and Community Relations of PPMC, Mr Nasir Imodagbe, made the disclosure in an interview with the News Agency of Nigeria in Lagos on Tuesday.
Imodagbe named the marketers as Funo Alfa Ltd, Organiser West Africa Ltd and Rich Oil Ltd.
He said the marketers’ actions violated the bulk purchase agreement with PPMC.
He added, “The revocation is part of the corporation’s effort in sanitising the industry by checkmating marketers diverting products meant for domestic consumption.
“This will also reduce frequent petroleum hoarding and diversion by marketers.
“The process is continuous and we are going to ensure adequate monitoring of marketers.’’
The company made the announcement in a letter dated July 15 and addressed to terminal operators in Nigeria