The Malawi Energy Regulatory (MERA) has suspended allocation of fuel stocks in SIMSO oil and Transport Company for hoarding over 200,000 liters of petrol at the company's depot in Lilongwe.
MERA indicates that the conduct of SIMSO Oil and Transport Company undermines national efforts to stabilize fuel supply during the ongoing crisis.
The company has since been directed to immediately release and distribute the withheld product to its fuel stations.
The authority further hints that fuel importers and oil marketing companies are not allowed to allocate any stocks to SIMSO oil and Transport Company until further notice.
The suspension follows regulatory inspection of stock levels at various depots of oil marketing companies where SIMSO was withholding petrol at its depot without any justifiable reason.
The regulatory has since made a request to stakeholders and the public for their continued cooperation and support fuel industry players work tirelessly towards stabilization of fuel availability.
Currently, fuel prices in black market is being sold at 8000 per liter for petrol a development that has spiked an increase in prices of bus fares.
