The management of the Department of Petroleum Resources DPR said that any depot owner selling petrol above approved ex-depot price would henceforth pay a fine of 20 million naira.
The Zonal Operations Controller, DPR, Lagos, Wole Akinyosoye, said in a statement that the agency would also ensure the closure of the erring depot for three months.
Akinyosoye said that such erring depot owners would also be excluded from coastal supply allocation for at least a period of one year.
He said that the agency has noted that some depot owners are selling petrol to unlicensed bulk buyers and some retailers at prices above the approved ex-depot prices.
He, however, assured the public that government is doing everything to ensure restoration of normalcy to the sector.