• The fuel reduction is a welcome development.
• It is a demonstration of government commitment to pass on the benefits to consumers.
• The reduction will save consumers a total K440 million in the month August.
Energy Forum Zambia says the announced reduction in fuel prices of an average of K3.2 ngwee per litre will save consumers a total K440 million in the month of August.
Speaking in an interview with Money FM News, Forum Chairperson Johnstone Chikwanda said the discount on fuel prices, multiplied by the country’s total monthly consumption will be the combined saving on the part of all consumers put together.
Mr. Chikwanda stated that the downward adjustment is a demonstration of government commitment to pass on the benefits to the consumers.
“The fuel reduction is a welcome development and a demonstration of government commitment to pass on the benefits to the consumers when opportunities to do so arise. This reduction of an average of K3.2 per litre will save consumers a total K440 million in the month August. This is a big saving on the part of consumers,” Mr. Chikwanda said.
He encouraged government to continue pursing means and ways of reducing fuel pump prices as they still remain high on the global market.
Anything above US$80 per barrel is still very high for the global and local economy,” he added.
Energy Regulation Board (ERB) has reduced fuel prices for August 2022, by K3.56 per liter for petrol, K3.14 ngwee per litre for diesel and K2.84 ngwee per liter for kerosene on account of positive performance of the Kwacha and reduction in crude oil prices on the international market in July, 2022.
