In response to mounting complaints, the Petroleum Regulatory Agency has launched a robust crackdown on fuel hoarding practices among certain dealers, aiming to manipulate prices to the detriment of consumers.
“Safeguarding Fuel Access”
The Agency has received reports alleging that certain fuel dealers are deliberately withholding their existing fuel stocks, a move calculated to artificially inflate prices. This unethical behavior directly impacts the public, restricting access to an essential resource.
Key Findings and Actions:
– Adequate Fuel Reserves: Nationwide, there are over 2.2 million litres of petrol available, with diesel supplies expected to last well into mid-July 2024.
– Continuous Distribution: Distribution efforts remain robust, with an additional 20 million litres of petrol slated to arrive on 8th May 2024.
– No Anticipated Shortages: Despite limited reserve petrol stocks held only by NP SL and LeonOil, there is sufficient petrol to meet demand until the impending shipment arrives.
Zero Tolerance for Hoarding:
The Agency asserts a firm stance against fuel hoarding practices. Dealers found engaging in such behavior to instigate price hikes will face severe penalties, including immediate deregistration and license revocation.
Stable Fuel Pricing:
Consumers can expect the price per litre to remain at NLe30 throughout May 2024, with no foreseen increases in the short term.
Ensuring Fair Practices:
The Agency is actively implementing reforms to ensure that licensed storage companies operate transparently and efficiently, safeguarding public interests.
The Petroleum Regulatory Agency underscores its commitment to fair and efficient fuel distribution, promising decisive action against any practices that jeopardize public welfare.
