Q FM Africa's Modern Radio
The Oil Marketing Companies Association of Zambia has urged the Energy Regulation Board (ERB) to penalize the multinational oil marketing companies that are hoarding fuel stocks in anticipation of a fuel pump price hike.
Association President Dr. Kafula Mubanga says oil marketing companies that are not bringing in their pledged volumes of petroleum products without justifying their reasons to the relevant authorities must be penalized.
Dr. Kafula says most petroleum products are being held at the ports of storage outside the country where they are not monitored by the Energy Regulation board.
He has urged the Energy Regulation Board to be proactive as this is not the first time a situation like this is happening were petroleum products are being withheld for purposes of extorting the Zambian people by oil marketing companies
Recently, the Energy Regulation Board and the Competition and Consumer Protection Commission warned Oil Marketing Companies to desist from hoarding fuel in anticipation of a price hike of the commodity.