OMCS SABOTAGE GOVT? – THEY ARE HOARDING FUEL TO CREATE ARTIFICIAL SHORTAGE

OMCS SABOTAGE GOVT? – THEY ARE HOARDING FUEL TO CREATE ARTIFICIAL SHORTAGE

By SIMON MUNTEMBA
THE current fuel shortage has been created by Oil Marketing Companies hoarding the commodity in hopes of pushing prices upwards.

“Hopes of selling fuel at higher prices have forced some Oil Marketing Companies to hoard the commodity following an increase in international crude prices thereby causing an artificial fuel shortage in the country,” Oil Marketing Companies Association of Zambia (OMCAZ) president Kafula Mubanga has said.
Dr Mubanga said in an interview there was an “artificial” fuel shortage in the country because the wholesale prices of the commodity on the international market was increased by almost 100 percent.

He said OMCs had been importing the commodity at very high costs, while the fuel pump prices were static.

Dr Mubanga said OMCs were aiming at making maximum profits of prices if fuel prices were increase.
“Yes I can confirm that there is an artificial shortage of petroleum products in the country which has been triggered by the rising prices on the international market.

“Crude oil has been increased between 90 and 100 percent on the international market and most of Oil Marketing Companies have withheld their products so that they do not sell at the same price,” Dr Mubanga said.

He explained that the OMCs would rather hold on to the commodity or sell to countries where the prices were adjusted upwards to enable them make profits.

Dr Mubanga however expressed hope that the erratic supply of fuel would be able to stabilise in the next few weeks, if Government intervened.
He noted that there was need for Government to quickly work out measures such as revamping operations at the Ndola-based Indeni Refinery.
Meanwhile, most filling stations have run out petrol forcing motorists into panic buying.