ICCC Commissioner and CEO, Paulus Ain, says the prices set by the ICCC are the indicative maximum retail prices, for which retailers may choose to sell below the ICCC approved maximum price.
He made this statement following the announcement of new May fuel prices, which came into effect on Saturday, May 8.
“The ICCC would like to remind retailers who sell fuel using pumps to set fuel prices to one decimal place while the ICCC will continue to set the maximum price to 2 decimal places,” Ain stated.
He said no fuel pump operator should charge above the Indicative Retail Price for this month’s price regardless of the number of decimal places.
“Retailers who are displaying prices to 1 decimal place are urged by the ICCC to round the prices down to ensure prices are within the allowable indicative retail prices.”
This is to ensure compliance with the Prices Regulation Act under which the maximum prices of declared petroleum products are set.
Meanwhile, ICCC Inspectors will continue to conduct spot checks after 8th of May to ensure ongoing compliance by retail fuel operators.
Consumers are advised to report any instances of overcharging by retailers through the ICCC’s Consumer Protection Division on 312 4600, or on toll free number: 180 3333.