By Daily Revelation Editor
The government’s decision to increase fuel prices at the start of the New Year is insensitive and inconsiderate. On New Year’s eve, the Energy Regulation Board (ERB) increased the price of petrol per litre from K33.67 to K34.67, while maintaining the price of diesel at K32.43 and Kerosene at K28.67.
The ERB argued that since the last price review of November 30, 2024, the international price of petrol increased by 3.52 percent from 75.6 US Dollars to 78.33 US Dollars, while the price of diesel reduced by 0.10 percent from 86.19 Dollars to 86.10 Dollars. The ERB further argued that in December 2024, the Kwacha steadily depreciated against the USD by 3.08 percent from 27.3 to 28.20 and that as result of the combined effect of the major pricing variables, it resulted in notable movement in the domestic price of petrol.
However, often when the Kwacha has shown signs of appreciation, the same has not been used as the reason why the prices should be reduced.
We are wondering if 14:00 hours has not yet reached, since President Hakainde Hichilema during his opposition days, proclaimed repeatedly that once sworn in at 10 hours, the Kwacha will appreciate supersonically because of the business confidence his election would supposedly bring about.
We are approaching the fourth year since his election as President, but the Kwacha has never shown signs of appreciation. If anything, the trajectory is trending towards further depreciation. The worst the Kwacha came to in terms of depreciation even during the PF administration that was voted out in favour of himself since it was agreed that things were not going well in the country, was K23 to US$1. In fact, at the time Hichilema was taking over office, the Kwacha was at K17 to US$1. It therefore means that the currency has depreciated by K11 since he assumed office. Does it mean that ultimately he is also incapable of addressing this depreciation, which is causing so much havoc on the everyday life of Zambian citizens?
The K1 increment might seem insignificant but it is an increment on the already high fuel prices of K33. 67.
Therefore, for the start of the year, the government is sending a message of hopelessness to the Zambian masses by increasing prices at the beginning of the year. They are putting the business world on notice that they must increase the prices of essential commodities whose brunt will be felt by the ordinary Zambians in terms of the prices they are going to buy the goods, as the businesses will transfer the cost of the increment to them.
The new year message from the government is that Zambians must expect things to worsen. Those who were expecting a reprieve from the high costs of living they have endured in years past, especially 2024, should expect things to worsen.
We wonder if Hichilema ever sticks to his word because most often, the things he says are contrary to what obtains on the ground. He said the Kwacha would appreciate supersonically, but today it’s among the worst performing currencies. He said mealie-meal will be bought at K50 per 25 kg bag, today a 25kg bag is going at over K330. He said the price of fuel will reduce to less than K13 per liter because he would remove the middle men who were escalating the prices. Does it mean that he has added more middle men, since the price of petrol has increased by over 100 percent since he assumed office? And what happened to his instruction to Peter Mumba during his swearing as Energy permanent secretary to ensure that he implemented a predictable pricing regime in the petroleum sector as opposed to the haphazard monthly reviews that have been denounced as being inimical to planning? It’s been over one year since Peter Mumba was sworn in and the pricing mechanism has never been effected.
Essential prices of commodities like fuel can never be left to the market forces in a country such as Zambia. It is Hichilema’s responsibility to ensure that he stabilises the prices of essential commodities, and also the ever escalating cost of living. Wasn’t that the reason he was elected into office? Wasn’t that the reason Edgar Lungu was voted out because Hichilema promised Zambians that he would handle things better? Is Hichilema pleased when he goes to bed that the people he governs are buying petrol at K34.67 per litre?
These are things he needs to reflect upon even as he prepares for his re-election in this penultimate year before the general election. He must address these serious matters this year, as any improvements that may come in 2026, will simply be dismissed by Zambians as political gimmickry to earn their votes.
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By Daily Revelation Editor
The government’s decision to increase fuel prices at the start of the New Year is insensitive and inconsiderate. On New Year’s eve, the Energy Regulation Board (ERB) increased the price of petrol per litre from K33.67 to K34.67, while maintaining the price of diesel at K32.43 and Kerosene at K28.67.
The ERB argued that since the last price review of November 30, 2024, the international price of petrol increased by 3.52 percent from 75.6 US Dollars to 78.33 US Dollars, while the price of diesel reduced by 0.10 percent from 86.19 Dollars to 86.10 Dollars. The ERB further argued that in December 2024, the Kwacha steadily depreciated against the USD by 3.08 percent from 27.3 to 28.20 and that as result of the combined effect of the major pricing variables, it resulted in notable movement in the domestic price of petrol.
However, often when the Kwacha has shown signs of appreciation, the same has not been used as the reason why the prices should be reduced.
We are wondering if 14:00 hours has not yet reached, since President Hakainde Hichilema during his opposition days, proclaimed repeatedly that once sworn in at 10 hours, the Kwacha will appreciate supersonically because of the business confidence his election would supposedly bring about.
We are approaching the fourth year since his election as President, but the Kwacha has never shown signs of appreciation. If anything, the trajectory is trending towards further depreciation. The worst the Kwacha came to in terms of depreciation even during the PF administration that was voted out in favour of himself since it was agreed that things were not going well in the country, was K23 to US$1. In fact, at the time Hichilema was taking over office, the Kwacha was at K17 to US$1. It therefore means that the currency has depreciated by K11 since he assumed office. Does it mean that ultimately he is also incapable of addressing this depreciation, which is causing so much havoc on the everyday life of Zambian citizens?
The K1 increment might seem insignificant but it is an increment on the already high fuel prices of K33. 67.
Therefore, for the start of the year, the government is sending a message of hopelessness to the Zambian masses by increasing prices at the beginning of the year. They are putting the business world on notice that they must increase the prices of essential commodities whose brunt will be felt by the ordinary Zambians in terms of the prices they are going to buy the goods, as the businesses will transfer the cost of the increment to them.
The new year message from the government is that Zambians must expect things to worsen. Those who were expecting a reprieve from the high costs of living they have endured in years past, especially 2024, should expect things to worsen.
We wonder if Hichilema ever sticks to his word because most often, the things he says are contrary to what obtains on the ground. He said the Kwacha would appreciate supersonically, but today it’s among the worst performing currencies. He said mealie-meal will be bought at K50 per 25 kg bag, today a 25kg bag is going at over K330. He said the price of fuel will reduce to less than K13 per liter because he would remove the middle men who were escalating the prices. Does it mean that he has added more middle men, since the price of petrol has increased by over 100 percent since he assumed office? And what happened to his instruction to Peter Mumba during his swearing as Energy permanent secretary to ensure that he implemented a predictable pricing regime in the petroleum sector as opposed to the haphazard monthly reviews that have been denounced as being inimical to planning? It’s been over one year since Peter Mumba was sworn in and the pricing mechanism has never been effected.
Essential prices of commodities like fuel can never be left to the market forces in a country such as Zambia. It is Hichilema’s responsibility to ensure that he stabilises the prices of essential commodities, and also the ever escalating cost of living. Wasn’t that the reason he was elected into office? Wasn’t that the reason Edgar Lungu was voted out because Hichilema promised Zambians that he would handle things better? Is Hichilema pleased when he goes to bed that the people he governs are buying petrol at K34.67 per litre?
These are things he needs to reflect upon even as he prepares for his re-election in this penultimate year before the general election. He must address these serious matters this year, as any improvements that may come in 2026, will simply be dismissed by Zambians as political gimmickry to earn their votes.
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