• OMCZ expects a drop in terms of the pump prices of fuel, especially on diesel.
• The Kwacha has gained a little more.
• There could be a possibility of about K1 to K2 in terms of prices.

Oil Marketing Companies Association of Zambia (OMCZ) has projected a K2 drop in diesel price for the month of July as Energy Regulation Board (ERB) announces new fuel prices today.
Speaking in an interview with Money FM News, Association President Dr. Kafula Mubanga said petrol price is also expected to reduce by K1 in view of the appreciation of the Kwacha and reduction in the cost of crude oil on the global market.
Dr. Kafula noted that the Kwacha has recorded positive gains against the United States dollar compared to last month, while crude oil prices on the international market are currently around US$85 from US$91 per barrel in May, 2023.
“We do expect a drop in terms of the pump prices of fuel, especially on diesel. When you check the Kwacha performance, given the fundamentals which are the performance of the Kwacha against the US dollar, last month as of this time, our Kwacha has gained a little more. And when you look at the price of crude oil, as at last month it was at US$91 per barrel and currently it is around US$85, and because of these key fundamentals, we do expect that the pump price will come slightly down.”
“So we expect that there could be a possibility of about K1 to K2 in terms of prices, given the fundamentals being positive and for petrol we anticipate about a K1 as well,” Dr. Kafula stated.
He added that these positive fundamentals are therefore expected to drive the anticipated reduction in fuel prices.
Yesterday, Oil prices on the global market stabilized, a day after rising sharply on a bigger-than-expected fall in U.S. inventories, as attention shifted back to rising interest rates denting global economic growth.