By ADRIAN MWANZA
THERE is no immediate threat in the price of fuel pump prices going up because of the good performance of the Kwacha against other convertible currencies, says an energy expert Johnstone Chikwanda.
Mr Chikwanda said despite the fuel prices being relatively high globally, the positive performance by the Kwacha has cushioned this problem locally.
He said the chances of an immediate increase in the prices of fuel were there and that he was confident that it would remain the same.
“The performance of the Kwacha has played a cardinal role in maintaining relatively low prices of fuel despite it being high on the international scene,” he said.
Meanwhile, Mr Chikwanda said that the Kwacha’s performance was not only cushioning the fuel sector but also other key sectors of the economy.
“A number of factors like the removal of 25 percent customs duty on fuel can also be said to be contributing to the cushioning of the prices,” he said.
Recently, the Energy Regulation Board (ERB) said it had continued to monitor closely the prices of Petroleum on the international market and performance of the Kwacha against the US dollar.
According to a statement by ERB acting communications officer Kasonde Nkole, despite the changes in the fuel prices on the international market, domestic fuel prices had not changed since December 2019.
‘’This has been made possible through various government policy interventions that most recently resulted in tax waivers to cushion against fuel price increments,’’ the statement said.
ERB dispelled rumours suggesting an imminent increase in the fuel prices.
