Columnists Features

Comparison: Fuel prices in Zambia, globally

WE have done a research to compare Zambia’s fuel prices with the other nations in Africa, Asia, Europe and America.
My analysis and findings are derived from a website called Globaldiesel/ as at July 13, 2015.
We have been compelled to do so because of unreasonable outcries and criticism by some individuals and opposition political leaders concerning the prices of fuel (petrol and diesel) in Zambia.
Samples have been taken from 17 African countries in United States dollar and convertible in Zambian Kwacha, including some countries in Europe, America and Asia. For example, petrol prices in Zimbabwe, Malawi, Congo DR, and Mozambique are US$1.40, US$1.62, US$1.54, and US$1.19.
For diesel, US$1.25, US$1.60, US$1.53 and US$.93, respectively. Zambia is US$1.13 for petrol and US$1.07 diesel per litre.
Therefore, Zambia’s current fuel pump prices are not very high compared to our neighbouring countries and other parts of the world.
We wonder why some individuals and political leaders are trying to mislead our citizens that Zambia’s fuel prices are the highest, leading to rioting over the same by taxi drivers in Livingstone a few days ago.
The problem with our opposition leaders is that they want to take political mileage at every situation without providing facts and doing research before making negative statements. We, therefore, challenge everyone to take a look at the table and visit the website: Global Gas
We wish also to point out that whilst the global crude oil prices per barrel have drastically dropped, each country has its own economic factors to produce the   final products. Among them are the cost of refinery, transportation, taxes, fuel levy, regional tariffs, distribution cost and indeed the foreign exchange rates including balance of payment, etc.
We also wish to urge ERB and relevant ministries to give the public the following information: Forecast on future global crude oil prices, any information that may lead to decrease and increase of fuel pump prices, or any other useful information as above and below. This will avoid unnecessary speculation on the same.
We also hope that this may settle this matter after this article and the truth shall prevail.
Job Lusanso is a retired accountant and CEO at Macmillan, while Bwembya Lusanso is a student in economics and finance at the University of Lusaka.

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