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ERB, CCPC caution OMCs against fuel hoarding

• Oil Marketing Companies as well as retailers of petroleum products must stop hoarding fuel.
• ERB Board and CCPC observes that there was an inclination by some retailers of petroleum products to hoard fuel.
• Such practices are in breach of License conditions as spelt out in the licenses to retail Petroleum Products provided in the Energy Regulation Act No. 12 of 2019.

Energy Regulation Board (ERB) and Competition and Consumer Protection Commission (CCPC) have cautioned Oil Marketing Companies as well as retailers of petroleum products against hoarding of fuel.
Commission Public Relations Officer Rainford Mutabi told Money FM News that ERB Board and CCPC had observed that there was an inclination by some retailers of petroleum products to hoard fuel particularly when prices were adjusted upwards.
Mr. Mutabi said such practices are in breach of License conditions as spelt out in the licences to retail Petroleum Products provided in the Energy Regulation Act No. 12 of 2019.
He stated that such practices also amount to unfair trading practices and constitute a violation of the Competition and Consumer Protection Act No. 24 of 2010.
“Further, they amount to unfair trading practices and constitute a violation of the Competition and Consumer Protection Act (CCPA) No. 24 of 2010. Breaches of this nature may attract penalties, suspension or revocation of operating licenses as they are all punishable by law,“ he added.
Mr. Mutabi has since warned industry players that the two agencies will remain vigilant to protect consumers against such practices.
Meanwhile, Mr. Mutabi has reiterated that pricing of fuel is now being undertaken on a monthly basis in order to be responsive to movements in the key factors that affect fuel prices such as Oil prices on the international market and performance of the Kwacha against the United States dollar.
“The Monthly pricing reviews, introduced by the ERB, are in line with government policy aimed at attaining cost reflective pricing for petroleum products that ensures full cost recovery for the sustainable supply of fuel in the country, “he said

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