Zambia’s Energy board announce mid-October that fuel prices were going up, citing volatility on the market. The retail price of petrol would rise by nearly 39%, while the price of diesel would go up by 33%, Reuters reported.
The current increase in pump prices has cause much derision by Zambian citizen who resorted to expressing their frustration via social media, according to All Africa. Furthermore, African Consumer Union’s Vice-President, Muyunda Ililonga, speculated that: “we don’t know if this is because of the engagement of the Zambian government and the International Monetary Fund, given the fact that we were recently told that the kwacha is faring well. We do not know if they have removed the subsidies of fuel,” informed Post Zambia.
Zambia is not the only African nation to recently increase fuel prices. Egypt Oil&Gas reported that Ghana’s Institute for Energy Security (IES) had projected an increase of about $0.05 per liter on petrol and diesel to mirror developments on both the international and local oil market for the September pricing window. Furthermore, South Africa’s Department of Energy had announced that as of early October the retail price of petrol 93 octane would increase by $0.44/L and that of 95 octane by $0.43/L. Core factors in the increase were the rand/US dollar exchange rate and the price increase of crude oil.