AN ENERGY EXPERT WARNS OF HIKE IN IN FUEL PRICES
By Lukundo Nankamba
Energy expert Johnstone Chikwanda has warned Zambians to brace themselves for an increase in fuel pump prices following the high price of crude oil on the international market.
The price of oil last year was selling at about 18 Dollars per barrel and yesterday crossed to 72 Dollars per barrel, representing more than 200% jump in the price.
In an interview with Phoenix News, Mr Chikwanda says the happenings on the international market with regard to crude oil will be challenging for the local economy because it depends on other countries to import the commodity.
Mr. Chikwanda explains that government has largely left the importation of oil to the private sector but that the country will also see the private sector’s ability to adequately deliver slowdown thereby affecting the locals due to the spike in oil prices on the international market.
He adds that the inconsistencies in fuel being experienced from time to time by most oil marketing companies are due to the hike in prices on the international market, making it difficult to meet the demand.
PHOENIX NEWS