Africa-Press – Eswatini. The Ministry of Natural Resources and Energy, through a legal notice, has unpacked the wholesale and retail prices of petroleum products.
The notice is cited as the Maximum Wholesale and Retail Prices of Petroleum Products notice, Thursday December 7, 2023, and shall be deemed to have come to force at midnight on December 7, 2023. The notice depicts that subject to Section 75(1) (a) the Fuel Price Controller shall set the wholesale and retail prices to be charged for controlled petroleum products as set out in the schedule in this notice.
It stipulates that a wholesaler shall not grant or allow a rebate or discount to any customer without first obtaining the consent of the Fuel Price Controller. Section 75 of the Act stipulates that the Fuel Price Controller shall be assigned to set the wholesale and retail prices to be charged for controlled petroleum products or determine, from time to time, the return on investment and compensation for operational costs for the oil industry in selling of controlled petroleum products.
Products
It also stipulates that the minister shall, based on the recommendation of the Fuel Price Controller, establish the rules to administer the controlled petroleum products price determination methodology and the minister shall establish by notice the specific petroleum products that are subject to the price setting rules.
“The Fuel Price Controller shall, using the rules referred above, adjust the wholesale and retail prices for petroleum products. The Fuel Controller shall inform the public of the new prices for petroleum products and the date in which the prices come into force,” reads the Section. The Section also states that whenever the fuel has been fixed under this Act, the Fuel Price Controller Price Controller shall direct that any person dealing or rendering services under this Act to display the price in such a manner as the Fuel Price Controller may determine.
Section 76 of the Act depicts that the Fuel Price Controller may give notice to a wholesaler or retailer of petroleum products directing the person to appear at a hearing for the purpose of assisting in determining whether or not the prices being charged by such wholesaler or retailer are in accordance with the officially set prices.
Price
Subsection 2 states that the Fuel Price Controller may conduct investigations to determine whether a price being charged by a wholesaler or retailer of petroleum products is the gazatted price. It also reveals that when the Fuel Price Controller, as a result of investigations conducted under subsection 2, believes that the wholesaler or retailer has charged or is charging a price that is not gazatted, the wholesaler or retailer commits an offence and shall, on conviction, be liable to pay a fine not exceeding E4 million or five years imprisonment or both.
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