EPRA warns oil marketers of Ksh.10M fines over fuel hoarding, price hikes
Energy and Petroleum Regulatory Authority (EPRA) has warned oil marketing companies against hoarding petroleum products and inflating wholesale prices
The Energy and Petroleum Regulatory Authority (EPRA) has warned oil marketing companies against hoarding petroleum products and inflating wholesale prices, following reports of a countrywide artificial fuel shortage.
In a statement addressed to Chief Executive Officers of oil marketing companies, Acting EPRA Director General Dr. Joseph Oketch reassured the public that the government remains sufficiently stocked with petroleum products, despite growing concerns over shortages at retail outlets.
Preliminary investigations by the regulator revealed that some oil marketing companies are deliberately withholding supplies from non-franchised retailers, commonly known as independents, in anticipation of a price increase.
The authority termed the practice as hoarding, noting that it constitutes an offence under Section 99(1)(k) of the Petroleum Act No. 2 of 2019.
“Companies found hoarding petroleum products shall have committed an offence and shall, on conviction, be liable to a fine of not less than Ksh.1 million, or a term of imprisonment of not less than one year, or both,” stated Dr. Oketch.
Senator Methu forced off the stage at MP David Kiaraho’s burial after fiery speech
Drama as Gachagua’s entourage briefly blocked at MP Kiaraho memorial service
Ruto and Gachagua meet face to face at requiem mass of late Ol Kalou MP
Rigathi Gachagua publishes late brother’s Will after Ruto’s accusations
The regulator further flagged cases where some companies are charging ex-depot or wholesale prices above the recommended caps, an offence under Section 99(1)(n) of the same law.
“Oil marketing companies found to have sold petroleum products above the recommended ex-depot or wholesale prices shall, on conviction, be liable to a fine of not less than Ksh.10 million, or a term of imprisonment of not less than five years, or both,” added the EPRA boss.
The State agency also warned that it will not hesitate to take further action, including revoking operational licences of companies found culpable of the offences.
The directive comes amid long queues at fuel stations in various parts of the country, as concerns mount over supply disruptions and possible price hikes following the Middle East crisis pitting Iran against the United States and Israel.
Gachagua demands respect for Ruto, bans ‘Wantam’ chants during Ol Kalau MP burial
Senator Godfrey Osotsi injured after being attack by goons in Kisumu
Foreign PS Sing’Oei responds after Iranian Embassy rebuked him
DCI busts Al-Shabaab network in Eastleigh
Follow us
