“PRICE OF FUEL TO REDUCE BY JUNE”

By Etambuyu Katota –

The UPND says various energy reforms are being applied in order to reduce fuel prices and make the sector more viable.

UPND Energy Committee Member NOEL NKHOMA says it is expected that prices of fuel will come down by June this year.

Mr. NKHOMA explains that as part of reforms, government announced that it will no longer participate in the supply of oil but will be a regulator to encourage more private sector participation and in turn influence reduced prices.

He says government has also invested in fuel reserves to ensure that the country has enough stocks to cushion it from external factors that influence price increments.

He says the current fuel prices being experienced are being influenced by various factors which include the war between Russia and Ukraine.

Mr. NKHOMA explains that, Russia is among the largest distributors of oil in the world and some distributors have taken advantage of the current crisis in that country to hike prices.

He says the UPND is in line with the party manifesto and is implementing long-term measures that will benefit the economy.

Mr. NKHOMA says the removal of fuel subsides was done because it was not beneficial and it has left government in a 700 million dollars debt to oil companies.

Speaking during a media briefing in Lusaka today, Mr. NKHOMA said the UPND administration inherited an economy in distress and is determined to reboot the economy.

And UPND Energy Committee Chairperson CHARLES KAISALA said the pricing model by the Energy Regulation Board – ERB- to review prices every month is done to ensure major determinants of prices are considered.

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