Weak Kwacha affects fuel price

Minister of Energy Dora Siliya says government is unable to reduce fuel pump prices despite a reduction in oil prices on the international market because of the depreciation of the Kwacha.

Ms. Siliya has told Parliament in her Ministerial statement this morning that while oil prices fell by about 20 percent from January to December last year, the Kwacha recorded significant depreciation of about 69 percent.

She says Zambia has failed to benefit from the decline in oil prices because all the potential benefits have been eroded by a weak Kwacha.

Ms. Siliya however stated that Zambia’s fuel pump price has remained below a dollar as compared to other countries in the region.

And Ms. Siliya said the country has adequate fuel stocks to cater for the country following the shutting down of Indeni Oil Refinery.