{"id":51638,"date":"2021-12-20T19:18:00","date_gmt":"2021-12-20T17:18:00","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=51638"},"modified":"2021-12-20T19:09:11","modified_gmt":"2021-12-20T17:09:11","slug":"zambia-hikes-fuel-prices-as-austerity-kicks-in","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zambia-hikes-fuel-prices-as-austerity-kicks-in","title":{"rendered":"Zambia Hikes Fuel Prices As Austerity Kicks In"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Zambia increased fuel prices last Friday resulting in fuel supply disruptions in the southern African country.<\/p>\n

The landlocked country has started introducing austerity measures under a $1.4 billion International Monetary Fund (IMF) supported economic reform programme.<\/p>\n

The fuel price hike is expected to push up the price of foodstuffs in the margin of up to 15% as manufacturers pass on the development to consumers.<\/p>\n

Zambia has already defaulted on Eurobonds and is seeking debt restructuring and has been told by the IMF to drop subsidies and cut public expenditures.<\/p>\n

President Hakainde Hichilema, who to power after defeating former leader Edgar Lungu early this year, is introducing austerity measures to rescue an economy under the burden of indebtedness.<\/p>\n

Chairman of the Zambian Energy Regulatory Board, Reynold Bowa, warned Oil Marketing Companies against hoarding fuels. He said:<\/p>\n

The Energy Regulatory Board will start reviewing petroleum prices every 30 days.<\/p>\n

The fuel wholesale and pump prices have been revised upwards for petroleum products \u2026 [and] this being an upward price adjustment, we wish to warn Oil Marketing Companies that it is against license conditions to hoard fuel.<\/p>\n

However, on Friday, some filling stations had run out of the commodity ahead of the festive season.<\/p>\n

Vice president Mutale Nalumango explained that the fuel price increase was aimed at stabilising the Zambian economy.<\/p>\n

She said excessing borrowing, which had resulted in the country defaulting, had pushed up its indebtedness, describing the situation as embarrassing.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Zambia increased fuel prices last Friday resulting in fuel supply disruptions in the southern African country. The landlocked country has started introducing austerity measures under a $1.4 billion International Monetary Fund (IMF) supported economic reform programme. 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