Government Announces That It Will not Reduce Oil Production – African Daily Voice

NEWSROOM (ADV) – The Zambian government announced on Wednesday that it would not reduce domestic prices for petroleum products despite falling oil prices on the international market.

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

"We all want cheaper fuel because it affects the production cycle, but we have to understand that there are many factors to consider, such as the exchange rate," she said. during the weekly press point.

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

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