Despite Middle East Tensions, Zambia’s Fuel Supply Remains Secure -Chikote
The Zambian Government has reassured citizens that rising geopolitical tensions in the Middle East are not expected to have an immediate impact on the country’s fuel supply or pump prices.
Speaking at a press briefing today, Minister of Energy, Makozo Chikote, stated that Zambia currently holds adequate petroleum stocks, procured earlier at lower international prices.
“In the short term, within a month, Zambia is not expected to see an immediate impact on pump prices because the existing stocks were procured at earlier, lower international prices,” Mr Chikote explained.
He acknowledged that the ongoing conflict in the Gulf region has caused global crude oil price spikes and increased freight and insurance costs. However, he stressed that Zambia’s current fuel reserves provide a buffer against immediate supply disruptions.
The country currently holds approximately 326 million litres of diesel, covering around 60 days, and 32.8 million litres of petrol, sufficient for 19 days.
Mr Chikote cautioned that prolonged geopolitical tensions could, over the medium to long term, lead to higher international petroleum prices and potentially affect local pump prices.
He also issued a warning to Oil Marketing Companies (OMCs) and fuel stations against hoarding fuel or increasing prices outside the guidelines set by the Energy Regulation Board (ERB), emphasising that the government would not tolerate exploitation of the current situation at the expense of consumers.
The Minister urged the public to remain calm and avoid panic buying, reiterating that Zambia’s petroleum supply remains secure.
