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Zambia’s fuel prices will remain stable for at least two months despite the ongoing conflict in the Middle East, which threatens to disrupt global oil supply, authorities have said.
Energy Minister, Makozo Chikote, said there is no immediate threat to fuel availability, adding that Zambia currently holds about 326 million litres of diesel, equivalent to 60 days of national cover.
Speaking during a press briefing in Lusaka on Thursday at the Energy Regulation Board (ERB), Chikote said petrol stocks stood at 32.8 million litres, equivalent to 19 days of cover, while Jet A-1 stocks were at 104 million litres, equivalent to nine days of cover.
He emphasised that diesel and petrol stock levels remained above minimum thresholds and provide reasonable protection against short-term supply shocks.
“Zambiq maintains a strategic fuel reserve framework supported by statutory levies. These reserves are designed to cushion short term supply disruptions, not to permanently suppress global price movements,” Chikote said.
The minister stressed that there was no need for panic buying or hoarding of fuel, particularly diesel and petrol, noting that the country had already secured enough fuel stocks to cushion against any immediate price shocks.
He added that government was currently negotiating with Dangote on an alternative fuel supply arrangement.
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However, Chikote warned that a prolonged conflict in the Gulf region could eventually trigger an upward adjustment in pump prices, as nearly 20 percent of the world’s crude oil passes through the area.
He also stressed that no increase in domestic pump prices would be implemented without guidance from the ERB.
“The country currently has sixty days of diesel cover, while petrol stocks stand at thirty-two-point-eight million litres, enough for nineteen days,” he said.
Chikote added that exchange rate gains and possible government policy interventions could further soften any expected price hike.
He also urged the media to report responsibly on the matter and avoid politicising what he described as a global economic issue.
“The Ministry of Energy, working closely with the Energy Regulation Board (ERB), TAZAMA Pipelines Limited, and Oil Marketing Companies, was continously monitoring global market developments and re-strategizing to ensure adequate supply,” Chikote said.
He assured that the government remained vigilant, proactive and committed to ensuring uninterrupted fuel supply nationwide, adding that any future adjustments would be guided strictly by prevailing market fundamentals.
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