Kwacha depreciation may cause fuel price to go up
Energy Minister, Kenneth Konga, says the depreciation of the kwacha has negatively affected the importation of crude oil.
Mr. Konga says it has now become expensive to import crude oil because the Kwacha is weak.
The Minister told ZNBC news that government may in future consider revising the price of fuel if the current situation continues for a long time.
He however, said Zambia has enough fuel, which was bought at a low price before the exchange rate went up.
And World Bank Country Manager, Kapil Kapoor, said in a separate interview that the depreciation of the kwacha will benefit exporters.
The Kwacha has depreciated considerably against other major foreign currencies in the last few months.
Government has attributed the depreciation to, among other factors, the pricing of local goods and services in dollars.
Finance Minister, Situmbeko Musokotwane, said in parliament this week that the transactions have had severe effects on the exchange rate.
He however said government and the Bank of Zambia are taking measures to discourage people from pricing their goods and services in dollars.