Africa-Press – Zambia. Energy Expert Johnstone Chikwanda says the geopolitical tension between Russia and Ukraine is likely to have a negative impact on the price of crude oil on the international market.
Mr Chikwanda says the tension has contributed to crude oil prices reaching $87 Dollars per barrel which is too much for African economies including Zambia.
He says for Zambia, the fuel pump prices will start heading towards the k30 per liter mark unless there is significant de-escalation of tension or policy intervention measures by government.
Mr Chikwanda tells Phoenix Business News that should government decide to absorb the impact, it will mean tumbling in worse fuel subsidies which could negatively impact the 2022 budget performance in a significant way.
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