Widening fiscal deficit forces Zambia to abandon oil subsidies
Issue 301
- 29 May 2015
| 2 minute read
Faced with a fuel subsidy of $48m a month between January and May, the government has raised the price of fuel. On 12 May, the Energy Regulation Board (ERB) announced a 15% increase in the pump price for petroleum products. “This adjustment is mainly due to the volatility of the kwacha, which resulted in the significant adjustment of the kwacha against the United States dollar,” said ERB board chairman Geoff Mwape.”
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