ZAMBIA CHAMBER OF COMMERCE & INDUSTRY COMMENDS PRESIDENT HAKAINDE HICHILEMA FOR URGING A CAREFUL REVIEW OF THE FUEL PRICING CYCLE
Lusaka, Wednesday, 12th October 2023
In January 2022, the Energy Regulation Board (ERB) implemented the monthly review of the fuel pricing index in Zambia.
This measure was necessitated by the high fuel debt and constrained fiscal space that continues to impact government social spending.
While taking cognizance of the necessitating factors, the Zambia Chamber of Commerce and
Industry (ZACCI) has, from the onset, expressed concern about the economic implications of this measure, especially for businesses.
Currently, the global economy is under serious macro-economic turbulence, which haveimpacted the prices of major commodities such as crude oil.
Being an import-dependent
country, Zambia has witnessed frequent fluctuations in fuel prices.
The monthly pricing index has created uncertainty and made it challenging for businesses to plan and project their cashflows.
In light of this, the Zambia Chamber of Commerce and Industry has and
continues to advocate for adjusting the fuel price review cycle to every three months.
Transitioning to a quarterly review cycle will undoubtedly offer businesses a more conducive environment for financial planning, pricing strategies, and investment
decisions.
This move is of paramount importance for the economic stability and growth of our nation.
Furthermore, The Zambia Chamber of Commerce & Industry believes that having predictable fuel prices will empower businesses to make well-informed decisions, reduce
operational risks, and bolster the prospects for economic growth.
This transformation will foster a more stable business environment, attract investments, and promote sustainable economic development.
The Zambia Chamber of Commerce and Industry applauds President Hichilema for instructing the Ministry of Energy’s Permanent Secretary, Peter Mumba, to conduct a comprehensive review of the monthly fuel pump pricing system.
This directive demonstrates a sincere dedication to tackling the challenges arising from fluctuating fuel prices, which have had a destabilizing impact on the economy.
The Zambia Chamber of Commerce and Industry eagerly anticipates engaging with the relevant authorities, including the Energy Regulation Board, to discuss and implement this recommendation in the best interests of our nation’s economy.
For media inquiries or further information, please contact: +260211253020 or email
secretariat@zacci.co.zm
Issued by:
The Zambia Chamber of Commerce & Industry Secretariat