• This is not the first time that crude oil prices have gone up on the international market.
• During the global recession in 2008 and 2009, the price had reached the highest at 145 dollars a barrel.
• The mines use a lot of fuel meaning that the cost of production will go very high.

An Energy Expert says the upward adjustment of fuel prices will result in high production cost for the mining industry.
Yotam Mtayachalo told Money FM News in an interview that in view of this, the country’s economic recovery program may not work because the mining sector uses a lot of fuel, hence the increase in prices of petroleum products will affect production.
Mr. Mtayachalo said this is not the first time that crude oil prices have gone up on the international market, noting that during the global recession in 2008 and 2009, the price had reached the highest at 145 dollars a barrel but the Movement for Multi-party Democracy (MMD) government under the late fourth Republican President Rupiah Banda managed to maintain the prices of petrol at K7 per litre.
He appealed to government to wear a human face and reduce the cost of living in the country.
“It’s not the first time that crude oil prices have gone high on the international market. I will give you an example of the global recession in 2008 and 2009, that time the late RB was in office. The price of oil had reached the highest at 145 dollars a barrel but the MMD government of RB managed to maintain the prices of petrol at K7 per litre.”
“So that is why the government is there, even the so-called economic recovery program will not work because the mines use a lot of fuel meaning that the cost of production will go very high and we will end up going in the ditch if we continue in the manner the UPND government is running the economy. We are going to plunge this country into untold economic crisis and the cost of living will be very high,” Mr. Mtayachalo said.
Last week, Energy Regulation Board adjusted upwards the pump prices of petroleum products by K 4.54 per litre for Petrol, K4.68 per litre for Diesel and K3.93 per litre for Kerosene.
The increment was attributed to the continued strain in global oil supply, following geopolitical conflict between Russia and Ukraine that has exerted addition pressure on the already escalating oil prices on the international market.