Zambia will not cut oil prices despite falling prices on the international market

The Zambian government said on Wednesday it would not cut domestic prices for petroleum products despite falling oil prices in the international market.

Reacting to pressure from stakeholders for the government to cut fuel prices, chief government spokeswoman Dora Siliya said many considerations needed to be taken into account when setting domestic oil prices .

"We all want cheaper fuel because it affects the production cycle, but we have to understand that there are many factors to take into account, such as the exchange rate," she said. declared at the weekly press briefing.

She added that the government normally bought stocks of petroleum products in advance and that factors affecting prices at the pump included not only international market prices, but also the exchange rate between the US dollar and the US. the local currency.

The current oil stock was bought at a time when oil prices in the international market were high, she said, adding that another stock had already been purchased and that it was due to arrive in the country at any time.

She added, however, that the government could look into the issue of domestic fuel prices if international oil prices continue to fall.

Fears of an oversupply and weakening demand have recently dominated the global oil market, causing prices to fall by more than 30% over the past two months.