• Find a way of stabilising oil prices.
• Increase in oil prices has always been showing signs ever since the Russia/Ukraine war started.
• Government must find a way of protecting costumers so that the economy does not collapse.

An Economist has urged government to find ways of cushioning domestic oil prices that are likely to surge in 2023.
Mwiya Ikabongo told Money FM News in an interview that oil prices are expected to surge on the international market next year and this will have a negative impact on the domestic market
Mr. Ikabongo added that it is important that government starts considering measures to cushion oil prices as Zambia’s transport sector is highly dependent on petroleum products.
“We need to find a way of stabilising oil prices because increase in oil prices has always been showing signs ever since the Russia/Ukraine war started. Oil is external to us in terms of supply to the market but we can put in measures such as, consider subsiding oil prices in order to protect the customers,” Mr. Ikabongo said.
He added that government should find a way to cushion the consumers and protect the economy from further collapse.
“What we really need to do as a country, is to find a way of protecting costumers so that the economy does not collapse,” he added.
Mr. Ikabongo further stated that government should also compare the cost of importing oil from the neighboring Angola and the Middle East and come up with a better option.
Brent crude futures on the international market are currently trading at US$76.40 a barrel, while US West Texas Intermediate crude is at US$71.53 a barrel, up by 51 cents, or 0.7%.