Hichilema holds talks with oil companies to address impact of Middle East crisis on economy

President Hakainde Hichilema today convened an urgent meeting with Oil Marketing Companies (OMCs) to safeguard consumers from rising global fuel prices triggered by the conflict in the Middle East, drawing on powers to respond to the developing situation.

Hichilema emphasized that Zambia’s economic gains—including successful debt restructuring, drought response, and sustained growth—must be defended against external shocks beyond the country’s control.

This is according to a statement issued in Lusaka on Tuesday by Clayson Hamasaka.

“Since August 2021, we have worked hard to turn around the country’s economic situation, and we have made real progress. We restructured the debt, we confronted the drought, and the energy sector has been central to this growth agenda,” he said.

Hichilema noted that the country was now in a better position but warned that just as the government began consolidating gains, war erupted in the Middle East.

The Head of State highlighted that emergency measures implemented during the drought remain available and can be applied to the current situation.

He directed the Ministry of Energy to work closely with industry stakeholders on short, medium and long-term solutions to secure stable and affordable petroleum supplies, and called on OMCs to leverage their international networks to maintain supply continuity.

“We do not believe in conflict. Instability anywhere is instability everywhere,” Hichilema said.

The President also issued a firm warning against fuel hoarding, following reports of artificial shortages at filling stations despite adequate national stocks. He assured that the government will use all available powers to protect consumers from market manipulation.

Pinchi Simukwai, Vice President of the National Oil Marketing Association, confirmed that the industry was actively engaging with the government to manage the impact of the conflict.

Simukwai noted that Zambia faced unavoidable pressures from disruptions to global supply chains, rising freight costs, and crude oil price volatility.

The meeting was attended by Finance Minister Situmbeko Musokotwane and the Energy Minister. Private sector participants included Mount Meru Petroleum (Z) Ltd, Puma Energy Zambia Plc, TotalEnergies Zambia Limited, Engen Petroleum, Rubis Energy Zambia Limited, Uno Energies Zambia Limited, Karan Petroleum Limited, Lake Petroleum Ltd and Oasis Oil Zambia.

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