Africa-Press – Zambia. Energy Expert Boniface Zulu as advised citizens to brace themselves for further hikes in the pump prices of petroleum products. Speaking to Power FM News in Lusaka, Mr. Zulu explained that the on-going geopolitical tension between Russian and Ukraine will result in further increase in price of the commodity.
He said two countries are among the major suppliers of oil and gas, noting that the fact that government did not expected this when it removed the fuel subsidies, the country is at stake to experience a further hike in the price of fuel. Mr Zulu has however, advised government to consider engaging African countries like Angola and Mozambique which have a lot of oil.
On Monday, the Energy Regulation Board (ERB) increased pump prices of petroleum products and attributed the move to the continued depreciation of the Kwacha against the United States dollar and a steady rise in international prices of petrol and diesel recorded throughout the month of January into February 2022.
The ERB further attributed the hike to the ongoing geopolitical tension between Russia and Ukraine have had an immediate adverse impact on oil prices.
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