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· The Energy Petroleum and Regulatory Authority (EPRA) of Kenya has said that some oil marketing companies and individuals are engaging in the hoarding of petroleum products in the country.
· Despite the presence of sufficient stocks in the country, EPRA said the activity has created artificial shortage in the country, especially in the Western part of the country.
The Energy Petroleum and Regulatory Authority (EPRA) of Kenya has said that some oil marketing companies and individuals are engaging in the hoarding of petroleum products in the country. Despite the presence of sufficient stocks in the country, EPRA said the activity has created artificial shortage in the country, especially in the Western part of the country.
A statement issued by the Authority said that 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. The authority warned that it is
nothing short of hoarding and will attract penal action.
Individual or company hoarding the petroleum products will also be liable to a fine of not less than one million Kenya shillings or an
imprisonment term of not less than a year. The statement further said that companies or individuals found to be deliberately holding back sales of petroleum products will be deemed to have hoarded, and shall on conviction be liable to a fine of not less than Ksh1 Million, or a term of imprisonment of not less than one year, or both.
Offenses also will invite revoking licenses for the companies breaching the provision further urging members of the public to report
any suspected cases. EPRA brought down the price of super petrol by Sh9.54, Diesel by Sh 19.19 and Kerosene price was increased by Sh 2.49 per liter during May.
ADVERTISEMENT. SCROLL TO CONTINUE READINGCurrently, the fuel prices retail at Sh 83.33, Sh market. 78.
