The Economic Freedom Fighters of Zambia (EFF) charges that the recent decision by the Energy Regulation Board (ERB) to hike fuel prices is a blatant display of the ruling party’s utter disregard for the economic welfare of the Zambian people.
Yesterday, ERB adjusted fuel pump prices upward with Petrol now at K25. 57 per litre from K24.93 and Diesel now at K23. 36 per litre from K21.87.
EFF President Kasonde Mwenda notes that while the International Monetary Fund (IMF) has made it clear that the removal of subsidies, including energy, is a prerequisite for debt restructuring there are a number of severe consequences for Zambia including; inflation explosion, crushing businesses, strangling consumer spending, crippling import dependence’ undermining export competitiveness and widening the economic divide.
The EFF has since called on the Zambian government and all relevant stakeholders to closely monitor the impact of these punitive fuel price hikes and take decisive measures to support the economy.
Mr. Mwenda adds that it is imperative to minimise the burden on the people and businesses through comprehensive mitigating initiatives.
