By Kalonje Mumba,
The Energy Regulation Board (ERB) has warned Oil Marketing Companies (OMCs) against hoarding fuel in anticipation of possible pump price increases.
ERB Director for Economic Regulation, Alfred Mwila, said the board has instituted a team to investigate whether any companies are deliberately withholding fuel from the market.
Mr. Mwila cautioned that any firm found engaging in hoarding risks facing penalties, stressing that such practices violate licensing conditions for OMCs.
He explained that under existing regulations, companies are prohibited from hoarding fuel and are required to formally notify the regulator in cases of supply challenges.
Mr. Mwila further disclosed that the ERB will intensify compliance monitoring through physical inspections of fuel storage facilities to detect any irregularities.
