OMCS CALL FOR INQUIRY INTO USE OF DEPLETED ERB STRATEGIC RESERVE FUND

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Energy Regulation Board (ERB)

OMCS CALL FOR INQUIRY INTO USE OF DEPLETED ERB STRATEGIC RESERVE FUND

By Michael Kaluba

Oil Marketing Companies Association of Zambia president Dr. Kafula Mubanga is calling for an investigation into the use of the depleted Energy Regulations Board-ERB- strategic reserve fund.

ERB Board Chairperson Reynolds Bowa is cited as saying that the strategic reserve fund utilized to keep fuel prices stable over the last four months has been depleted.

Reacting to this development, Dr. Mubanga tells Phoenix News that these revelations demonstrate a lack of transparency on the part of government, especially given that the money in question is intended to be used in times of crisis.

He has blamed the government for opting to use Agro-fuel which has been supplying fuel at K10 more than Devon Oil had access to, hence the need to institute a commission of inquiry into why the reserve fund has been depleted.

Dr. Mubanga says the ERB was insincere about the maintained prices the past four months and should have disclosed the use of the reserve fund while hinting at a price hike at the next review due to this development.
PHOENIX NEWS

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