Zambia’s Minister for Energy, Makozo Chikote, has assured the public that the country has sufficient fuel stocks purchased at lower prices to last throughout March and beyond, warning fuel dealers against increasing pump prices.
He said the country currently has 362 million litres of diesel, equivalent to 60 days of cover, 32.8 million litres of petrol, equivalent to 19 days of cover, and 104 million litres of kerosene, equivalent to 14 days of cover.
He added that the country’s stock of Jet A-1 fuel stands at approximately 1.6 million litres, equivalent to nine days of cover.
The minister assured the public that the government has taken measures to ensure stability in fuel supply and pricing.
Speaking during a media briefing at the headquarters of the Energy Regulation Board (ERB) in Lusaka, Mr. Chikote explained that the Open Access Bidding (OAB) system, the appreciation of the Kwacha against the United States dollar, and favourable trends on the international market have contributed to keeping fuel pump prices stable.
He cautioned fuel dealers against exploiting the situation by raising prices, stressing that the government would not tolerate unjustified increases when sufficient stocks are available.
Mr. Chikote, however, noted that global geopolitical developments—particularly tensions in the Middle East following the bombardment of Iran by the United States and Israel—have the potential to affect the global fuel supply chain.
He explained that although Zambia is geographically distant from the Middle East, the country remains integrated into the global oil supply system and could still experience ripple effects if the conflict disrupts international oil supplies.
The minister said such developments could exert upward pressure on fuel prices unless counterbalanced by policy interventions and the continued strengthening of the Kwacha against the US dollar.
Mr. Chikote expressed hope that the conflict in the Middle East would end soon in order to restore stability in global oil markets.
He further warned political actors against politicising the issue should fuel prices rise as a result of international developments.
The energy minister also cautioned participants in the fuel supply chain against creating artificial shortages of fuel or fuel products, stating that anyone found engaging in such practices would face punishment in accordance with the law.
Mr. Chikote also called on the media to play a responsible role by ensuring that accurate information is disseminated to the public regarding the country’s fuel supply situation.
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