• There is a possibility most oil marketing companies are hoarding fuel.
• This is due to increment of crude prices on the international market.
• OMCs must know that prices of crude do not increase immediately on the local market.

Oil Marketing Companies Association of Zambia says there is a possibility that most oil marketing companies are hoarding fuel due to the rise in crude prices on the international market.
Speaking in an interview with Money FM News, Association President Dr. Kafula Mubanga said Oil Marketing Companies (OMCs) must take into consideration that when there is an increment in oil prices on the international market, it should not be insinuated that the prices of the product is automatically revised.
Dr. Mubanga stated that Government should come up with measures and a timeframe that will regulate OMCs to deliver fuel on time so as to avoid such trends in the sector.
He added that those that fail to deliver the commodity during the stipulated timeframe must pay a penalty fee.
“If the Oil Marketing Companies fail to fulfil the commitment they made to Government to deliver fuel, it means that there will be a shortfall of fuel on the market,” he said.

He urged OMCs to honor their pledge to Government and support it by bringing the fuel in the country.

On Tuesday, Energy Minister Peter Kapala warned oil marketing companies and suppliers that may be engaging in hoarding fuel to desist as their actions border on economic sabotage which is a serious offence.

Mr. Kapala also dispelled rumors that there is an imminent fuel shortage in the country.