Global stocks sank Wednesday after US President Donald Trump said he was not satisfied with talks that are aimed at averting a trade war with China. Equities were also dented by poor eurozone economic data, and as Trump cast doubt on a planned summit with North Korean leader Kim Jong Un. “Trump (is) continuing to drive uncertainty over global trade,” said analyst Joshua Mahony at trading firm IG. “European markets are following their Asian counterparts lower, as a pessimistic tone from Trump is compounded by downbeat economic data,” he added. Markets had surged Monday after US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He said they had agreed to pull back from imposing threatened tariffs on billions of dollars of goods, and continue talks on a variety of trade issues. However, Trump has declared that he was “not satisfied” with the status of the talks, fuelling worries that the world’s top two economies could still slug out an economically pain...
The Warri Zonal Office of the Department of Petroleum Resources (DPR), has sealed 70 filling stations for alleged sharp practices in parts of Delta in past six weeks.
The Operations Controller of the zone, Mr Antai Asuquo, made the disclosure in an interview with the News Agency of Nigeria (NAN) on Tuesday in Warri.
Asuquo said that the stations were sanctioned for hoarding, under-dispensing, over-pricing, abandonment and diversion of products.
He said that the stations were sealed in Warri, Ughelli, Sapele, Ozoro, Olleh, Kwale, Agbor, Obiaruku and Asaba.
According to him, the 70 stations are part of over 446 filling stations visited by the department’s surveillance team.
He said that fuel was given to motorists in two of the 70 filling stations at no cost because the stations were hoarding products.
“The exercise is a continuous one until the petroleum marketers complied with government’s approved pump price of N145 per litre.
“It is not our intension to seal a petrol station that has products but the products should be sold to the public at the regulated pump price.
“The premium motor spirit remains a regulated product and the price is N145 per litre.
“The marketers have their complaints but the Petroleum Product Marketing Company (PPMC) imports and sells product to the depot owners at the regulated price of N133.28k per litre.
“So if marketers know that they cannot sell at the approved price of N145 to customers, they should not buy.”
Asuquo urged marketers, who indulged in sharp practices to desist from it because the regulatory agency would continue to go after them until full compliance was attained.
The controller also warned depot owners against selling products above the ex-depot price as well as selling to third parties.
He appealed to the public to assist the DPR with useful information on any station selling above the regulated price.
NAN reports that most filling stations in Warri are selling fuel at between N180 and N200 per litre.
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