• Prices of crude oil on the international market have been coming down over the past three months.
• They had reached almost US$140 per barrel, and as of today they have gone just below US$100 per barrel.
• If the Kwacha continues performing well, it can make it highly possible for the fuel pump prices to be sustained.
Energy Forum Zambia says the continued reduction in crude oil prices on the international market is good news to consumers in the country and across the globe.
Forum Chairperson Johnstone Chikwanda told Money FM News in an interview that the prices of crude oil on the global market have been reducing over the past three months, as they had gone up to almost US$140 per barrel, but they are now below US$100 per barrel.
Engineer Chikwanda said this means that if the Kwacha maintains its positive trajectory, Zambians can still expect some good news in the next monthly fuel price review by Energy Regulation Board (ERB).
He noted that the war between Russia and Ukraine had kept the entire world in a captured state of affairs, as prices were increasing everywhere, prompting countries to respond differently to cushion their citizens from the high cost of living.
“What we have noted is that the prices of crude oil on the international market have been coming down over the past three months. They had reached almost US$140 per barrel, and as of today they have gone just below US$100 per barrel, meaning they have reduced by more than 30 percent. This is good news not just to consumers in Zambia but also globally.”
“So for us in Zambia, we welcome the continued trajectory of the prices downwards, this is good news it means a lot to us. If the Kwacha continues performing the way it is performing, that can also make it highly possible for the fuel pump prices to be sustained, or even to be reduced further downwards,” Engineer Chikwanda said.
Today Thursday August 18, 2022, Brent crude futures are down 33 cents, or 0.4%, at US$ 93.32 a barrel. At the same time, US crude futures are down 40 cents, or 0.5%, at 87.71 barrels per dollar.
