Energy Petroleum Regulatory Authority- EPRA has warned oil marketers against creating artificial fuel shortage by holding back stocks in anticipation of a rise in maximum pump prices in Sunday’s review.
In a statement, the regulatory body noted that a number of oil marketing companies are deliberately holding back sales to non-franchised petroleum retailers otherwise known as independents, in anticipation for a price increase despite the country being sufficiently stocked.
“A number of Oil Marketing Companies (OMCs) are deliberately holding back sales to non-franchised petroleum retailers otherwise known as independents, in anticipation of a price increase,” said EPRA.
EPRA said this practice is tantamount to hoarding and is an offense under Section 99(1) (k) of the Petroleum Act No. 2 of 2019.
Adding that, “OMCs and petroleum retail station dealers are hereby warned that companies or individuals found to deliberately hold back sales of petroleum will be deemed to have hoarded, and shall on conviction be liable to a fine of not less than 0ne million Kenya Shillings, or a term of imprisonment of not less than one year, or both.”
Addition the regulator said licenses for companies or individuals found in breach of the above mentioned provision will be permanently revoked.
Members of the public are hereby encouraged to immediately report any suspected instances of petroleum products hoarding to EPRA through compliance @epra.go.ke or hotline numbers 0708000444.