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Business & Finance

DPR Shuts Hudson Petroleum Depot Over Hoarding

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The Department of Petroleum Resources (DPR) yesterday clamped down on Hudson Petroleum Limited, shutting down its depot in Calabar and slamming a N10 million fine on the marketer over hoarding and profiteering. The agency also suspended Hudson from operations for three months in accordance with the new sanctions regime. The DPR, which in a statement announced these stringent measures against the firm, said its action was in continuation of efforts to check sharp practices in the downstream sector of the oil and gas industry. “DPR during a routine surveillance drive carried out under the Eket Field office, it was discovered that a depot operated by Hudson Petroleum Limited, Calabar, Cross River State, was hoarding PMS,” the statement said. The depot, according to DPR, was found guilty of selling the product at N95 instead of the regulated ex-depot price of N76.50k. “DPR investigations revealed that despite receiving 13, 606, 064 litres of the product in the depot late in December 2015,” DPR said, adding that the depot “still contrived to load out very sparingly and was in addition selling at N95.00 per litre, thereby violating government’s stipulated ex-depot price of N76.50k.”

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