OMCAZ SAYS RECENT KWACHA APPRECIATION COULD OFFER RELIEF TO CONSUMERS IN UPCOMING FUEL PRICE REVIEW

 The Oil Marketing Companies Association of Zambia-OMCAZ says the recent appreciation of the kwacha against major convertible currencies could translate into benefits for consumers, as the Energy Regulation Board-ERB prepares to announce the next fuel pump prices review tomorrow.

OMCAZ President Dr. Kaufula Mubanga says the strengthening of the local currency is an encouraging development that could help cushion domestic fuel prices, provided that the gains are sustained.

Speaking to Phoenix News in an interview, Dr. Mubanga explains that the appreciation reduces the cost of importing petroleum products, which are traded in foreign currency.

He further notes that there has been minimal movement in international oil prices in recent weeks, meaning there is no significant change in global market dynamics that would justify a major hike in local fuel prices.

He says this stability on both the global and domestic fronts creates room for potential relief to motorists and the general public.

Dr. Mubanga however cautions that the overall pump price adjustment will depend on how the Energy Regulation Board balances various cost components, including transport, insurance, and supply logistics, which also influence the final price consumers pay.