According to Kafula Mubanga, the president of the Oil Marketing Companies Association of Zambia (OMCAZ), fuel prices in Zambia are expected to surpass the K30 mark in the upcoming monthly review. Mubanga predicts that there could be an increase of up to K2 in the pump price.
According to the OMCAZ, fuel prices are expected to exceed the K30 mark in the upcoming monthly review. In the last review, the Energy Regulation Board (ERB) announced an increase in the price of petrol from K29.42 to K29.98 per litre, and diesel was adjusted from K26.88 to K29.96 per litre.
Dr. Mubanga, a representative from OMCAZ, notes that this has become a recurring pattern by the Energy Regulation Board (ERB), where monthly price reviews only result in fuel pump price increases without any reductions. As a result, both petrol and diesel are currently priced at nearly K30 each.
He believes that this continuous increase in fuel pump prices is due to a lack of political determination to address issues and gaps in the energy sector. Additionally, the use of a single sourcing system for fuel suppliers has also contributed to this situation.
The increase in pump prices is attributed to fluctuations in the price of crude oil on the international market. However, the government has been criticized for not addressing factors within its control, such as the exchange rate, to help keep the fuel prices lower.
Stay updated with the latest news by following the Melo Media channel on WhatsApp. Simply click on the link to join: https://whatsapp.com/channel/0029VaD2KGeGehEOl7RwgD3w
