Africa-Press – Zambia. The Kasama Chamber of Commerce has urged the Energy Regulation Board (ERB) to revert to the old system of reviewing the prices of fuel in the country on a quarterly basis as opposed to a monthly review.
District Chamber of Commerce Secretary, David Chanda says this will ensure stability in the pricing of the commodity. Mr Chanda noted that the monthly reviewing of fuel prices has proved to be a failed move adding that the monthly adjustment is detrimental to the economic growth.
He said this is affecting both the business community and household planning of how they will spend for the particular month. “we urge the ERB to rescind its decision of reviewing fuel prices on a monthly basis because this is affecting the running of business in the country as people are failing to plan,” said Mr Chanda.
And Former Jesuit Centre for Theological Reflection (JCTR) Northern Province Coordinator, Felix Chiwela said the seemingly unstable fuel prices will have a negative impact on the cost of doing business in the country.
Mr Chiwela said ERB should find a lasting solution to the unstable prices of the commodity to ensure the smooth running of the economy. “With the current situation, it is now difficult to plan because we don’t know what tomorrow will bring,” he said.
He noted that if not well handled, the current situation could cripple the country’s economy. “As long as the inflation continues to go up, it means prices of commodities will also rise hence affecting the economic growth,” added Mr Chiwela.
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