We Are Not Involved In Pump Price Fraud…..Capital Oil & Gas

The attention of Capital Oil and Gas Industries Limited, has been drawn to the erroneous publication in today’s New Telegraph newspapers and picked by the social media to the effect that Capital Oil and Gas Industries Limited, owned by top businessman, Dr Ifeanyi Ubah was suspended by the Department of Petroleum Resources (DPR) and also ordered to pay N10 million fine for allegedly selling Premium Motor Spirit (PMS), otherwise called petrol, above the official ex-depot price of N77.66 per liter. Nothing could be further from the truth.

This is because the company that was affected is Capital Oil Petroleum Limited, not Capital Oil and Gas Industries Limited. And the two companies have no affiliation whatsoever. It is a pity that Capital Oil and Gas Industries Limited, which is the leading champion of dispensing petroleum products at the approved prices, could be dragged into this report, even when the two companies are not the same, nor share common facility anywhere.When a news break, it is expected that journalists should not rush into reporting issues of this nature without, especially sensitive issues at a time when the nation is facing stiff difficulties. One had expected that any sensible journalist should first cross-check information brought to the newsroom before rushing to press with such high falutin but false information.This simple task would have cleared all doubts on this issue. The rule of journalism still remains: When in doubt, leave out. Or you simply cross-check, which is just a telephone call away.We implore those the authors and sponsors of this false information to please retract and correct the false impression created for the benefit of all right thinking Nigerians who have obviously been misled into believing the lie that Capital Oil and Gas Industries Limited, may have been involved in any malfeasance.

Signed

Management