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Tuesday, August 11, 2020

US$20 million worth of fuel bought from Saudia Arabia was not enough – Nkhuwa

Economy US$20 million worth of fuel bought from Saudia Arabia was not enough...

Energy Minister Mathew Nkhuwa says the US$20 million worth of fuel from Saudi Arabia is too little to have an impact on pump prices of fuel on the Zambian Market.

Mr. Nkhuwa said the fuel consignment from Saudi Arabia received early last month is a drop in the ocean because the quantities were minimal to have an impact on the market.

In September the Minister had explained that Zambia had enough fuel reserves and the fuel being imported from Saudi Arabia was to be an addition to the existing stocks.

He had further disclosed that the country uses US$1 billion worth of fuel per annum adding that US$500 million is imported and US$500 million worth of fuel is produced by Indeni oil refinery.

Speaking on the Red-Hot Breakfast Show on Hot FM this morning, Mr. Nkhuwa said Government is re-negotiating the oil deal with the Saudi Arabian Government on the possibilities of Zambia getting between US$200 to 300 million worth of fuel from that Country.

“If we continue with that deal and get more fuel from there, the citizens of Zambia will benefit. At the moment it was only US$20 million worth of fuel,” he said.

According to the Energy Regulations Board, the Saudi Arabia deal translates to about 13 days stock of petrol and about 6 days stock of diesel for the Zambian market.

The Energy Regulations Board yesterday announced an upward adjustment in fuel pump prices per liter by K2.31 for Petrol, K2.64 for Diesel and Low Sulphur Gas and K2.49 for Kerosene effective midnight tonight due to changes in the fundamentals that determine fuel prices.

17 COMMENTS

    • The New Saudi King Is Kicking Off His Reign With a $32 Billion Gift to His People

      By Tom McKay | Feb. 22, 2015

      There ain’t no party like a royal party — because a royal party gives away $32 billion to Citizens

    • Honestly, what has changed from September, where the minister said that Zambia had enough fuel reserves, and today is just 3rd Oct and he is saying fuel from Saudi Arabia is too little.
      Either someone did not do his job thoroughly, maybe because the calculations involve numbers, or attempt to cheat Zambians has again backfired.
      So if people complain because of such lies, because of lack of transparency, etc, can you blame them for tarnishing the Zambian image, really??
      Some PFcadres are now opening their eyes, its hard to explain.

    • Probably there was not even a liter delivered, but money was paid. Even Dora used to pay to that Saudi, including importing electricity.

    • Edgar Lungu is like a blind man (no pun intended to blind people) leading to a cliff and unfortunately the nation is following him.

    • Dununa reverse…wait bane this is just the beginning. When HH warned you about this chipante-pante PF government you called him biter. Tiye tiye mulesumina

  1. Zambia buys oil from Iran. I stand to be corrected. Has Zambia signed a contract with Iran to be importing oil from that country for a certain number of years? And we do not want to breach that contract? Otherwise we could have switched to Saudi Arabia for cheaper fuel. What is stopping us from importing oil from Saudi Arabia worth more than $300m?

  2. RB almost went to prison over $2M worth of oil from Nigeria, multiply that by 10 you get what Edgar got from Saudi Arabia. RB had problems explaining how the oil was used because Indeni can’t refine crude oil. So those involved in the Saudi fuel saga should expect to go through what RB went through multiplied by 10 times. Kukosa

  3. I see the end of Edger to be like of Chiluba. He gonna suffer bcoz pipo are complaining.We voted for this man thinking he gonna follow Sata’s legacy alas the man has turned 180 degree. Chiluba never enjoyed his money nor children.Edger should be very careful he gonna spend his life going to court.Zambians will never pit for him bcoz they now feeling the heat.Lungu has left the legacy has the man who made kwacha to depreciate from K5-K15 more 300%.the president has no vision n he deserves to resign.We love PF but the PF team is wrong.Please PF member let us remove this man from the party before it’s too late.Why can’t we do it like south africans?2021 i’m not voting if Lungu gonna stand

  4. So why can’t you import more cheap fuel from Saudi Arabia. The reason is simple you don’t have the money because that cheap fuel requires cash but you can only but expensive fuel on credit. Now you are trying to send goats to saudi Arabia in exchange for fuel.

  5. The result of voting a government based on tribal lines not on ideas. We are saying, this is just the beginning hard times are still ahead. Someone is going to swallow his tribalism and confess that the Almighty God who created all beings is not a tribalist neither is he a respecter of men. Who are you to assume that your tribe is more privileged than others. Who are you to look down on your fellow men and hate them because of their tribe, are you bigger than God who created them? Can you tell God what He should create and what He should not? Why are you insulting, on what He had desired to create. Can you prosper without His blessing? 1John 3:15, “Whosoever hateth his brother is a murderer: and ye know that no murderer hath eternal life abiding in him.”

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