By Respite Kaoma,
Economist Trevor Hambayi has warned that fuel prices in Zambia could sharply increase as global oil prices are projected to rise to 90 US dollars per barrel, representing a 30 percent increase.
Speaking in an interview with Mafken News, Mr. Hambayi said the expected surge in oil prices is being driven by ongoing tensions between the United States and Iran, a situation that could negatively affect Zambia’s economy.
He has since urged the Minister of Energy to begin preparing for possible oil price shocks, noting that the country could face serious economic pressure if global prices continue to rise.
Mr. Hambayi further stated that government should consider exploring alternative crude oil supply sources and increase the country’s fuel reserves from the current 20 days to at least three months.
He explained that the ongoing Russia–Ukraine conflict has shown that global crises can persist for long periods, making it important for Zambia to act quickly in securing its energy supply.
Mr. Hambayi emphasized that proactive planning and diversification of oil sources will be key in protecting the country from the impact of volatile global oil markets.
