The ICCC will begin inspections at fuel retailers today, to ensure fuel prices do not exceed the approved maximum fees.
When announcing the new fuel prices for the month of October, the ICCC says officers will conduct inspections at all service stations on Monday (October 10) to ensure there is compliance.
In a statement, ICCC Chief Executive Officer, Paul Ain, reminds retailers to set their fuel pump prices to one decimal while the ICCC will continue to set the maximum price to two decimal places.
He said, no fuel pump operator can charge above the Indicative Retail Price for the month regardless of the number of decimals
“This is to ensure compliance with the Prices Regulation Act under which the maximum prices of defined petroleum products are set.”
“Retailers who are displaying prices to one decimal place are urged by the ICCC to round the prices down to ensure prices are within the allowable indicative retail prices,” said Ain.
The ICCC says from experience there have been intentional delays by fuel depots to change prices.
The Commission says it will be closely monitoring to ensure there is no delay in adjustments and warn the Prices Regulation Act under which the maximum price is determined provides for substantial penalties if prices are not changed
Consumers are advised to report any overcharging through the ICCC’s Consumer Protection Division.