Business and Financial Analyst Blessings Kafwanka has advised the government to expedite the process of identifying an investor to partner with Indeni Oil Refinery Company in Ndola as this will make the company more effective.

Government, through Zambia Development Agency (ZDA), made seven offers for a stake in the 20,000 barrel-a-day Indeni refinery plant.

Mr. Kafwanka tells Money FM News that it is a known fact that Indeni Oil Refinery Company is inefficient and not suitable for the needs of the 21st Century.

Mr. Kafwanka has also observed that the recent hike in fuel prices will have a negative impact on the cost of doing business in Zambia.

He says government has no control over the prices of crude oil on the international market but has control on the local currency which also affects the prices of fuel.

“The increase in fuel prices will directly impact the cost of doing business which will also see the rate of inflation increasing,” he said.

He is also calling on the government to consider reviewing some taxes in fuel as this may help the country to reduce the prices of fuel.