LUSAKA - Government has dismissed claims that the recent stability in petroleum pump prices is linked to the election period, saying the trend is a result of policy reforms implemented under the New Dawn Administration.
Speaking during a tour of the newly constructed US$123.5 million Lusaka Fuel Depot, Ministry of Energy Permanent Secretary Professor Ephraim Munshifwa said previous increases in fuel prices were largely caused by external factors, including conflicts in the Middle East that disrupted global oil markets.
Professor Munshifwa said Government has introduced several measures to cushion consumers and stabilise the petroleum sector, including the zero-rating of selected taxes and the implementation of the Open Access Framework.
He also assured the public that Zambia has sufficient fuel stocks and that there is no need for concern over the country's petroleum supply.
According to Professor Munshifwa, the country's current fuel reserves are sufficient to last:
24 days for diesel
17 days for petrol
25 days for kerosene
15 days for Jet A-1 aviation fuel
Meanwhile, Project Engineer Derrick Moono said the newly constructed Lusaka Fuel Depot has reached 100 percent mechanical completion and is awaiting commissioning and formal handover to the Ministry of Energy later this year.
Mr. Moono said the facility has a 102 million-litre storage capacity, making it four times larger than the existing Lusaka fuel depot.
He explained that the depot comprises 11 storage tanks, with diesel accounting for the largest storage capacity at 60 million litres, while kerosene is stored in two tanks with a combined capacity of 2 million litres.
The new depot is expected to strengthen Zambia's fuel storage capacity and improve the security of petroleum supplies once it becomes operational.
Source: Phoenix News