LIST OF OIL CEOs ARRESTED FOR HOARDING FUEL.

Ten CEOs of oil marketers risk two years in jail or fines of up to Sh2 million for the firms’ role in the current diesel and petrol shortage crisis.

Their firms have been blamed for breaching a regulation that demands they keep a minimum level of diesel and petrol stocks, causing the countrywide fuel shortage.

Oil marketers are under the law required to maintain minimum stocks of petrol and diesel to last 20 days and 25 days respectively to cushion the country from supply disruptions.

Government officials blame the shortage on oil marketing companies, accusing them of breaching the rules on minimum stocks and hoarding supplies ahead of Thursday’s monthly price review, which saw pump prices increase by Sh9.90 per litre from midnight.

The State has termed their actions economic sabotage, which is a capital offence that carries life imprisonment.

The fines and jail term linked to stocks are contained in the Energy (Minimum Operational Stock) Regulations, 2008 and underline the government’s resolve to end the fuel shortage that has persisted for three weeks.

Sourced from Business Daily