By Tinkerbel Mwila
The Oil Marketing Companies Association of Zambia –OMCAZ- has warned of a potential fuel pump price hike in the coming month.
Speaking in an interview, Association President Dr. Kafula Mubanga explains that this is because of the trends on the international market were wholesale prices of the commodity have increased by 250 percent since January and have not come down.
He noted the need for government to quickly get to know the available stocks in the country and work out measures such as stabilizing the local currency, revamping operations at Indeni Refinery and encouraging OMCS to buy more of the product to avert a possible fuel hike.
Oil prices have hit record highs for various reasons including the high demand for natural gas as economies recover from the pandemic.