Mufulira Chamber of Commerce and Industry president, Luckson Ndhlovu, has urged the Energy Regulation Board (ERB) to rethink its monthly fuel review.
This is in view of the expected soaring oil prices on the international market which would see local fuel pump prices increased to more than K30 per litre.
Ndhlovu observed in an interview on Tuesday that subsidising fuel and reverting to quarterly fuel price reviews were the only available solutions to cushion the impact of high oil prices.
“We need to revert to quarterly price reviews and I think with the looming increase in international oil prices, subsidies on fuel need to be reintroduced to cushion the impact on households and businesses,” he stated.
Ndhlovu was of the view that with the escalating cost of doing business, any further movements in the price of petroleum products would be detrimental to the well-being of households as well as businesses.
According to an international commodity update by Reuters, oil prices on Wednesday fell by more than US$1 on Wednesday ahead of the U.S. Federal Reserve’s interest rate decision, with investors uncertain when peak rates would be hit and how much of an impact it would have on energy demand.
This, he said, would in no doubt trigger the fuel pump price up with the continued weakening of the local currency which was currently trading in the region of K21 per United States Dollars.
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