‘LOOMING FUEL HIKE TO WIPE OUT REDUCTION’

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By  Irvin Muyumbwa

The looming increase in fuel prices will only wipe out the recent previous reduction, immediate past president of the Zambia Chamber of Commerce and Industry, Michael Nyirenda has said.

Mr. Nyirenda has also proposed that government should manage the increase to be effected in such a way that it had a minimal impact on industries.

“Fuel is a cross-cutting commodity that runs our industry, so the increase in the price needs to be managed in such a way that it has minimal impact because any unforeseen negative effects hit across to other industries” Mr. Nyirenda said.

Mr. Nyirenda said industries get easily affected by such unforeseen changes which in turn impact on cost of goods and services and consequently on the affordability for an average person.

Politicians, he added, should therefore to stick to their commitment of improving the welfare of the people which could be worsened by the increase in fuel prices as all industries depend on the commodity.

Energy Minister Matthew Nkhuwa a week ago announced that government would soon effect an upward adjustment in petroleum products because of the continued deterioration of fuel pricing fundamentals such as the depreciating kwacha.

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