Government has assured the nation that escalating geopolitical tensions in the Middle East will not have an immediate impact on Zambia’s fuel supply or pump prices.
Minister of Energy Makozo Chikote said during a press briefing today that the country currently holds adequate petroleum stocks which were procured earlier at lower international prices.
“In the short term, within a month, Zambia is not expected to see an immediate impact on pump prices because the existing stocks were procured at earlier, lower international prices,” Mr. Chikote said.
He explained that while the ongoing conflict in the Gulf region has triggered global crude oil price spikes and increased freight and insurance costs, Zambia’s current fuel stocks provide sufficient protection against immediate supply disruptions.
Mr. Chikote said the country currently holds about 326 million litres of diesel, equivalent to 60 days of cover, and 32.8 million litres of petrol, equivalent to 19 days of cover.
He however cautioned that prolonged geopolitical tensions could eventually push up international petroleum prices and exert pressure on local pump prices in the medium to long term.
Meanwhile, Mr. Chikote warned Oil Marketing Companies (OMCs) and fuel service stations against hoarding fuel or increasing pump prices outside the guidelines set by the Energy Regulation Board (ERB).
He said Government will not tolerate attempts to exploit the current situation at the expense of consumers.
Mr. Chikote urged the public to remain calm and avoid panic buying, assuring the nation that Zambia’s petroleum supply remains secure.