The Department of Petroleum Resources (DPR) has suspended Capital Oil Petroleum Ltd, Sahara Petroleum and Folawiyo Petroleum for profiteering.
The suspension is for three months fuel import permit in Lagos.
Other suspended companies are Samon Petroleum, Fynefield Petroleum, Calabar and Stalliionaire Petroleum Limited.
In a statement signed by Mrs. AY Ogan, the DPR said the companies sold fuel above government regulated price.
Besides, the DPR slammed the companies N10million fine for their action.
The statement further stated “The Petroleum Product Pricing Regulatory Agency(PPPRA) has been advised to revoke the companies allocation, while the Petroleum Pricing Marketing Company(PPMC) has been informed not to allocate fuel to the erring depots for the period of their sanction.
“The DPR has put in place all necessary machineries to curb all incidents of profiteering, hoarding and other unwholesome practices by operators.
“The public is hereby advised to shun panic buying and report any noticeable infraction to the Department of Petroleum Resources office nearest to you.”