Commenting on the announcement by ERB that it has reduce fuel by K1.20 Petrol and K0.68 Diesel FDD Spokesperson Antonio Mwanza explained that the reduction was too little to have any impact on the cost of goods and services.
He said government should instead have restored the pump prices to the original prices which was there before they increase by 30%.
“The reduction in pump price of fuel by ERB won’t have any positive impact on the economy because it is very insignificant. The prices of fuel were recently increased by over 30% hence the 8% and 5% reductions respectively are too insignificant to cause any real positive impact on the economy.
“The reduction is too minuscule to cause a reduction in the cost of production; the cost of essential goods and services, the cost of doing business and indeed the cost of living. Prices of essential goods and services and the cost of doing business will continue to rise.
“If Government was serious in reducing fuel prices they should have restored the prices to the initial amounts that were there before the increments. That would have had a real positive impact on the economy. Otherwise, this is purely window dressing and it won’t help matters,” he said.
The country’s Energy Regulatory Board to announced that prices for fuel have been reduced effective midnight.
The new pump prices are Petrol which was at K13.70 will now be sold at 12.50 after seeing a reduction of K1.20, Diesel will be at K10.72 from the previous K11.40 after a reduction of K0.68 while Kerosine will be at K6.81 from K8.03, Low sulphur diesel will be at K13.01 from 13.69.