Govt. cautions erring Oil Marketing Companies

Government has warned that it will revoke trading licenses for erring Oil Marketing Companies (OMCs) that allegedly defy enforcement measures. Minister of Energy Makozo Chikote has noted that the government will not treat lightly any Oil Marketing Company, operating with the intention of frustrating the government by keeping petroleum products. The media reorts that Mr Chikote says the government is for this reason undertaking enforcement measures against OMCs suspected of hoarding fuel.

He stated that the government has tasked the Energy Regulation Board (ERB) to strictly monitor the OMCs allegedly keeping fuel and task them to immediately release the commodity, in order to benefit the consumers. Mr Chikote says the government is aware and competent to handle the fuel situation from the source.Mr Chikote further says other measures the government has embarked on is reviewing the open access framework, reviewing the price framework and reviewing taxes, among others.“Government is aware of the happenings in the Middle East and the impact it is likely to have on our petroleum products, arising from this.I would like to assure that preventive measures are being put in place aimed at safeguarding national energy security with the Regulator, ERB such as monitoring OMCs in distribution of the commodity largely to the consumers,” he said.He added that the government is considering sourcing fuel from neighbouring Angola on the western side of the continent as an alternative route to procure the petroleum products.He explained that the general trend in international oil prices for refined products shows prices have moved to US$100 from US$78 per barrel.“Before the war, Madam Speaker, the price was around 78 United States dollars per barrel and has since increased to over 100 United States dollars per barrel,” he said.He was responding to a question raised by PF Kantanshi law-makerAnthony Mumba, who wanted to find out what urgent measures the government is taking, to ensure a consistent supply of fuel, during the ongoing conflict involving the United States of America, Israel and Iran and what the current national fuel storage capacity is. Mr Chikote says the government is aware and competent to handle the fuel situation from the source.

Mr Chikote further says other measures the government has embarked on is reviewing the open access framework, reviewing the price framework and reviewing taxes, among others. “Government is aware of the happenings in the Middle East and the impact it is likely to have on our petroleum products, arising from this. I would like to assure that preventive measures are being put in place aimed at safeguarding national energy security with the Regulator, ERB such as monitoring OMCs in distribution of the commodity largely to the consumers,” he said.He added that the government is considering sourcing fuel from neighbouring Angola on the western side of the continent as an alternative route to procure the petroleum products.He explained that the general trend in international oil prices for refined products shows prices have moved to US$100 from US$78 per barrel.“Before the war, Madam Speaker, the price was around 78 United States dollars per barrel and has since increased to over 100 United States dollars per barrel,” he said.He was responding to a question raised by PF Kantanshi law-makerAnthony Mumba, who wanted to find out what urgent measures the government is taking, to ensure a consistent supply of fuel, during the ongoing conflict involving the United States of America, Israel and Iran and what the current national fuel storage capacity is.

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I would like to assure that preventive measures are being put in place aimed at safeguarding national energy security with the Regulator, ERB such as monitoring OMCs in distribution of the commodity largely to the consumers,” he said. He added that the government is considering sourcing fuel from neighbouring Angola on the western side of the continent as an alternative route to procure the petroleum products. He explained that the general trend in international oil prices for refined products shows prices have moved to US$100 from US$78 per barrel.“Before the war, Madam Speaker, the price was around 78 United States dollars per barrel and has since increased to over 100 United States dollars per barrel,” he said.He was responding to a question raised by PF Kantanshi law-makerAnthony Mumba, who wanted to find out what urgent measures the government is taking, to ensure a consistent supply of fuel, during the ongoing conflict involving the United States of America, Israel and Iran and what the current national fuel storage capacity is. He explained that the general trend in international oil prices for refined products shows prices have moved to US$100 from US$78 per barrel.

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