Petroleum selling companies are hoarding products in anticipation of price rise; the ministry of energy has alleged.
Energy Cabinet Secretary Opiyo Wandayi has dismissed the alleged petroleum shortage in the country saying it is artificial and meant to benefit the companies.
“We note with grave concern the speculative hoarding of products by some Oil Marketing Companies.” Wandayi has said.
The Energy Ministry has emphasized that, despite global oil supply challenges occasioned by war in the Middle East, the local supply position remains stable, and unethical practices by some traders threaten market stability.
“These stocks are sufficient to meet the national demand against our daily consumption,” he noted.
The cabinet secretary has warned the companies that action will be taken against them if they continue holding unto the products.
Several parts of the country have been experiencing shortage of petroleum products with long ques being witnessed at various petrol stations with supply.
“I fueled at Ruiru, the petrol stations are limiting the amount of fuel you can buy; you can’t get fuel of more than Ksh. 2,000.” Our reporter Samuel Githinji who was on a fact finding mission about the crisis has reported.
Wandayi has directed the OMC’s to maintain continuous supply of the products they stock saying a violation will invite serious sanctions.
He has also warned the companies against selling products at prices beyond the ones recommended by the Energy and Petroleum Authority EPRA
