Oil Marketing Companies Association of Zambia-OMCAZ- president Kafula Mubanga has predicted that the fuel pump price will finally cross the K30 barrier, anticipating up to K2 increment at the next monthly price review.
At the last review, the Energy Regulation Board-ERB announced an upward adjustment on the price of petrol from K29.42 to K29.98 while diesel was adjusted from K26.88 to K29.96 per litre.
Dr. Mubanga says this has become a trend by the ERB, which has designated the monthly price reviews for fuel pump price increases alone without any reduction leading to both petrol and diesel currently fetching almost K30 each.
Dr. Mubanga has attributed the continued escalation of the fuel pump prices to a lack of political will toward addressing challenges and gaps in the energy sector compounded by the single sourcing system of engaging suppliers of fuel.
He says while fluctuations in the price of crude oil on the international market are cited as a major reason for the escalating pump prices, government has failed to address the exchange rate and other factors within its control to keep the price lower.

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