Queries as oil firms seek higher pricesA car being fueled at a fuel pump. Oil marketing companies want the Government to protect them by allowing them to sell fuel at high prices despite the crash in crude oil prices in March.In a letter to the Government sent by the Supply Coordination Committee (SupplyCor), the oil marketers want the regulator, the Energy and Petroleum Regulatory Authority (EPRA), to compute the prices for May and June based on crude oil prices for February and March when prices were higher. This is against the price-capping norm where the Authority uses the previous month’s prices when setting prices for the current month. The SupplyCor is made of representatives from different oil marketers and ensures smooth supply of petroleum products in the country by working closely with government agencies. In February, price of crude oil was well above Sh5,000 per barrel.

Source: Standard Digital May 12, 2020 22:00 UTC