GOVT PAYS OVER 60 PERCENT OF THE $800 MILLION DEBT OWED TO OMC’S FOR FUEL SUPPLY BEFORE REMOVAL OF SUBSIDIES
The Zambian government has liquidated over 60% of the approximately $800 million owed to multinational oil marketing companies for fuel supply between 2019 and 2022.
According to Oil Marketing Companies Association of Zambia-OMCAZ president Dr. Kafula Mubanga, the government has made significant progress in settling its debt to multinational oil marketing companies, accumulated by the previous regime.
Dr. Mubanga says the majority of the debt being settled is owed to multinational companies, rather than small local entities but has emphasized that paying off this money is crucial for the sustainability of the sector.
And Dr. Mubanga says the recent increase in fuel pump prices has contributed to improved stability in the supply of petroleum products as the sector continues to face logistical challenges in Zimbabwe and Mozambique, which caused recent sporadic shortages of petrol and diesel.
He adds that adjustments to the ban on fuel tanker movement from 18 to 21 hours and increasing the number of Oil Marketing Companies using the pipeline from 1 to 10, have all had a positive impact on fuel supply.
PN
Home Business
When we tell people that UPND is still paying back the PF’s local and international debt, they think we are lying. Imagine that kind of debt on oil only, how can the cost of living come down when we still owe people and countries a lot of money? At least Bally has tried and very soon things will start getting better. 60% paid is bigger than 40% which is not yet paid.
No honest, level headed Zambian can say from the very recesses of their heart that this government has done nothing unless they are under the PF and some other hallucinating parties’ spell of bitterness, hatred and malice. The country is truly on a mend. The PF damage was just too much to be undone in a short time. Remember, it’s much easier to destroy than to build.
Shut up You UPND cadres. Is Hamasaka paying for extra noise???