Thu, 22 Jun 2017 10:44:23 +0000 THE inertia the Energy Regulation Board (ERB) has exhibited in dealing with the fraudulent activities surrounding the operations of Lake Petroleum Limited raises suspicion. When Government experienced a deficit of fuel products sometime last year, it contracted some Oil marketing Companies (OMC) to import fuel on its behalf. However, effective January 2017, the ERB cancelled OMCs importation permits in order to save Indeni which at the time was shut because it was overstocked with no room for new finished products. Only government contracted OMCs importing Low Sulphur Gas Oil (LSGO) for the mines and other specialised users were exempted from fuel importation ban. Despite the foregoing, Lake Petroleum in connivance with some clearing agents, forged documentation to smuggle large volumes of fuel products into the country. When alert stakeholders reported the oil importation scam, a fleet of oil tankers belonging to Lake Petroleum Limited were seized, and the ERB […]
