Energy Minister in Africa’s second largest copper producer, Zambia, on 07 February hinted a potential fuel price cut. Honourable Mathews Nkhuwa, said the Energy Regulation Board (ERB) is constantly reviewing ways to lower the price of fuel.
Nkhuwa acknowledged oil price bears that have seen crude trade for US$62/bbl compared to highs of US$83/bbl and that initial forecast were that Brent would rise to US$100/bbl.
Zambians have bemoaned this high price of fuel following the Q4:18 upward adjustment by 16.8%-21.9% by ERB yet will suppressed prices currently the ERB has not adjusted fuel pricing any lower.
Expectations are that in the month of February, the ERB will be gearing to replenish depleting crude stock at which reorder will be at current depressed crude prices which should allow the benefits to trickle to Zambians.
