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State to prosecute oil marketers hoarding fuel

BUSINESS
By - | July 19th 2012

By Lucianne Limo

Oil Marketers have been put on notice against hoarding of fuel. The Energy Regulatory Commission (ERC) Director-General Kaburu Mwirichia Wednesday said oil firms found hoarding petroleum products will face the law.

Mwirichia affirmed petrol stations should have adjusted the fuel prices from July 15, when the ERC announced the changes.  ‘There should be no shortage of oil and the prices should have come down.

There should be no excuse that they still have old stock and hence maintain the old prices,” Mwirichia said.

He warned that any oil firms that have not adjusted their prices are breaking the law and will be prosecuted. “Kenyans should be vigilant and report any petrol stations that have not yet adjusted their prices,” Mwirichia said.

The ERC boss spoke at a Nairobi hotel when he accompanied the Energy minister Kiraitu Murungi for a closed door meeting with US delegates. The minister said they had talks with the US delegates including president Obama’s National Security advisor Michael Froman on the possibilities of their country investing in the energy sector.

“We asked the US to encourage investors to come and invest in geothermal development since the cost of electricity is high and we are looking for ways of providing cheap and reliable power,” added the minister.

“The best ways is to seek alternative  means of using indigenous resources like geothermal and wind power in which the US has the expertise,” said the minister.

 A spot check at petrol stations within the City Centre and along Mombasa Road showed motorists queuing for the elusive product with some stations having no fuel after ERC announced a massive drop of petrol pump prices last Saturday.

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