Zambian President Hakainde Hichilema on Monday called for a review of the current monthly fuel price adjustment as it was causing uncertainties among stakeholders.
The Zambian president said the monthly review of fuel pump prices needed urgent review to a more stable and predictable system, adding that the country needed a fuel pricing mechanism that was not only predictable but that will minimize the economic impact on citizens.
“We are extremely concerned with the economic impact of fuel on our citizens and we are working round the clock to resolve this issue. A more stable review system that is beyond the one-month period is good for planning and doing business,” he said when he swore in Peter Mumba as the new permanent secretary of the energy ministry.
He said it was obvious that stakeholders were concerned about the monthly review of fuel prices but noted that the process should not be rushed.
According to the Zambian president, the current environment in the petroleum sector was hostile and behind the current high cost of living in the country hence the need to be innovative in order to find a lasting solution.
The Energy Regulation Board (ERB), the country’s energy regulator, introduced a monthly review of fuel prices last year due to unstable international oil prices, a move that has not been welcomed by stakeholders as it was making business planning difficult.