Copperbelt-based economist Chikabala Kaleta has said the Government should consider importing crude oil from Russia as a way of stabilizing fuel prices.
Local fuel pump prices have remained unstable in the last six months amid frequent price adjustments.
The Government through the Energy Regulation Board (ERB) has been revising fuel pump prices on a monthly basis.
The Energy Regulation Board on May 1st revised downwards the fuel pump prices by K2.35 per litre for Petrol, 58 ngwee per litre for Diesel and 56 ngwee per litre for Kerosene.
In an interview, Mr. Kaleta said the price of crude oil from Russia was going down because oil sanctions from the European Union amid the invasion of Ukraine.
He said importing cheaper crude oil from Russia would help lower the cost of commodities after the drop in the inflation rate.
“Government should consider importing crude oil from Russia. Russia is currently facing oil sanctions from the European Union, the United Kingdom, and the United States over its invasion of Ukraine, hence the need for the government to buy the oil from Russia at a lower price, this could help ease the country’s fuel price woes. We should consider importing crude oil from Russia at a low price because it is not sanctioned. Of all the sanctions, there are no sanctions against crude oil, so we can import crude oil from Russia at a lower price,” Mr. Kaleta said.
ERB on May 31 adjusted upwards the price of petrol by K0.80 per litre, pushing the price of the commodity to K24.95 while the price for diesel and kerosene remain unchanged.
“By doing so it will not only help those driving but also will help lower the cost of commodities especially that the continuous drop in inflation rate shows how greatly the economy will be revamped within a short period of time. Zambians should for now look deep into supporting and helping President Hakainde Hichilema for he has demonstrated how important it is to prioritise revamping an economy that was almost collapsing,” he said.