Fuel prices to be reviewed soon
…ERB awaits new cargo
THE fuel pump price will be reviewed once the new cargo arrives in the country, Energy Regulation Board (ERB) has said.
ERB Public Relations Manager, Kali Mfuni, said that the board had taken note of calls by stakeholders for reduction of fuel pump price.
She said currently the importation of crude oil which was facilitated by Government was currently in the process and a review would be done when a new cargo arrived.
Recently Zambia Private Sector Development, Chairperson, Yusuf Dodia, indicated that there was need for Government to reduce fuel prices because currently the barrel of crude was being procured at as low as US $20 on international market.
Mr Dodia urged Government to pass the benefit to Zambians considering what was prevailing on international market.
But Ms Mfune interview yesterday said: “The ERB therefore wishes to reiterate that the fuel pump price review would only be done and subsequently communicated once the procurement is concluded and supported with documentation for the same has been availed to the regulator.
“The determination of fuel price shall be consistent with the cost plus model as it has been the case previously,” she said. Ms Mfuni said during the first half of this year when international oil prices started declining, operations at Indeni Petroleum Refinery were inconsistent.
This is due to a number of factors such as maintenance shut down as well the adverse impact of Covid-19 on productivity generally.