An economist says the government should consider growing capacity of available reserves for fuel in the future to avoid missing out on maximizing the low oil prices as experienced currently.
Speaking in an interview with Money FM News, Dean Onyambu said: “government is unable to stock up oil on a large scale during this period despite the low prices on the international market due to inadequate storage capacity which would not be the case if capacity was accessible.”
“Creation of storage requires a lot of time and might not be possible at the moment, making it hard to exploit the oil market in the short term,” He added.
Yesterday Minister of Energy Mathew Nkhuwa announced that the nation is unable to stock up on fuel despite its low price due to lack of storage capacity.