FUEL PRICES MUST FALL, ERB PRODDED

IT is prudent that the Energy Regulation Board (ERB) reduces the fuel pump price if the oil was bought on the international market at a cheaper price so that Zambians can benefit, the Citizens Democratic Party (CDP) has said.

CDP president Robert Mwanza said it was important that the reduced prices on the international market trickle down to the citizens.

Mr Mwanza said Zambians were going through a hard time during this period and reducing the fuel pump price would be a relief.

In an interview yesterday, Mr Mwanza also said fuel was critical to the country's economy, therefore, reducing the pump price would be a major boost to the economy.

He said the economy was in a bad shape and something needed to be done for it to come back to its feet.

Mr Mwanza said "I understand the procurement system is done differently, oil can be bought on different prices regarding what is prevailing on the international mark. So if the current consignment was purchased cheaply then ERB must consider reducing the pump price.

"The pump price cannot be reduced just there and then. ERB only considers to reduce fuel according to what is happening on the international market.

If stock is procured at a cheaper price then they need to reduce the pump price without fail. Zambians need to benefit. When they reduce the pump price it will be good for the economy. Oil is important for the economy.

"ERB must come out and explain when they got the consignment at a cheap price because the benefit must trickle down to the ordinary Zambians," Mr Mwanza said.

Recently, an economist Yusuf Dodia said Government must reduce the fuel pump price because the barrel of crude oil was now trading at US$30 from US$90.