EconomyEditor's Pick

Mufulira chamber joins clamour for monthly review of fuel prices, reintroduction of subsidies


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.

Read more: group-faults-monthly-fuel-prices-review-advocates-petroleum-pump-price-stabilization-fund

“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.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.

Understanding Artificial Intelligence’s (AI) Role in Accelerating Africa’s Healthcare Momentum, By Eyong Ebai

Previous article

Kenyan, Eswatini nabbed for trafficking in drug; DEC heightens surveillance

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Economy