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Russia, OPEC’s decision to cut fuel exports triggers petroleum product price hike in Zambia

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RUSSIA’s decision to further implement a voluntary export cut of diesel and petrol, plus the move by Petroleum Exporting Countries (OPEC) to also follow suit, has contributed to the increase in fuel prices in Zambia.

The Energy Regulation Board(ERB) has increased fuel prices effective midnight.

A litre of diesel will sale at K29. 96 from the previous K26. 88 while a litre of petrol, which was fetching at K29. 42 this month, will now sale at an upward K29. 9 a litre.

The price of Jet A- for major airports has also been increased from K29.29 to K30.50 a litre.

ERB board chairperson Reynolds Bowa told a media briefing this evening that the export cuts of fuel internationally and the depreciation of the kwacha against the dollar are among the reasons behind the fuel price hike.

“The main drivers for the changes in petroleum prices are the upward movements in international oil price and the depreciation of the Kwacha against the United States Dollar.

“The price of oil on the international market, between September 2023 and che current price review for October 2023, has continued to increase,” Mr Bowa said.

He noted that the average prices of Petrol, Diesel and Kerosene increased on the international market by 3.89percent, 6.36percent and 7.21percent respectively.

“The general increase in international oil prices is attributed to declining global oil inventories following the extended oil production cuts by the Organisation for the Petroleum Exporting Countries and its alliance (OPEC+).

“In addition to the OPEC+ agreed extended oil production cuts, Russia has further implemented a voluntary export cut of diesef and petrol,”he said.

Mr Bowa added that this has further reduced the supply of global petroleum products and has contributed to the increase in prices on the international market, as demand outstrips supply.

“Notably, within September, 2023, the international prices for finished petroleum products reached above US$ 1 00/bbl which was -elatively high in comparison to past review periods,” he said.

Mr Bowa said the monthly price reviews are currently ideal compared to long term considering that international prices of the commodity are reviewed everyday.

(Mwebantu, Saturday, 30th September, 2023)

Business

Zambia recalls metformin tablets due to non-compliance

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THE Zambia Medicines Regulatory Authority (ZAMRA) has taken action to recall metformin tablets, a diabetes medication, after tests revealed non-compliance.

The Authority has since written to the director of Yash Pharmaceuticals Limited following the development.

In a letter written to the pharmaceutical company, the Authority has directed it to recall metformin tablets 500 milligrams batch number KBTO18 manufactured by Bliss GVS Pharma PVT limited of India.

“Following routine post marketing surveillance of medicines by the Authority, the above-mentioned product manufactured by Bliss GVS Pharma Limited, India was analysed at the National Drug Quality Control Laboratory.The product was found non-compliant with respect to Assay test,” reads the letter in parts.

The Authority said the pharmaceutical company should initiate a recall within 14 days of the receipt of the letter.

ZMRA further advised that the company is required to submit a detailed report of the recall process which should include all the relevant information.

(Mwebantu, Friday, 8th December, 2023)

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ZICTA directs Airtel to compensate subscribers for poor service

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FOLLOWING the recent poor Airtel service experienced, the Zambia Information and Communications Technology Authority (ZICTA) has directed the company to compensate it’s subscribers within five days.

The Authority has also directed the network provider to immediately engage the public regarding the recent network outages and provide assurance of their resolution.

In a statement, ZICTA Manager Corporate Communications Hanford Chaaba said the Authority is closely monitoring the service provider.

He said ZICTA is deeply concerned with the recent intermittent network and service outages on Airtel network.

“To this effect, the Authority has directed Airtel Networks Zambia Plc to compensate all subscribers in line with the approved compensation policy within five days from today December 8, 2023. The Authority has also directed the network provider to, using all available platforms, immediately engage the public regarding the recent network outages and provide assurance of their resolution,” he said.

Mr Chaaba said the network provider has further been directed to urgently put in place measures that will ensure that such outages are averted, and submit to the Authority a long- term plan to improve network resilience.

He added that the Authority will actively monitor network performances of all services providers to ensure that the Quality of Service (QoS) guidelines are strictly adhered to.

“We encourage members of the public to continue reporting any issues related to unavailability and quality of network or service,” he said.

(Mwebantu, Friday, 8th December, 2023)

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Trade Kings Foundation donates over Two million kwacha to local farmers

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As the year draws to a close the Trade Kings Foundation not only looks at the year that was, but also looks to the future by donating over two million Kwacha, in the form of seed and fertilizers to 500 local farmers from the Nampundwe and Chaminuka communities.

The Trade Kings Foundation recognises the crucial role that small-scale farmers play in Zambia’s agricultural sector. In strengthening their capacity, one significantly contributes to food security in and around these communities. With this in mind, the Trade Kings Foundation continuously strives to support the sector, whether in the form of building structures, laying irrigation for water reticulation, drilling of boreholes and now – the donation of seeds and fertilizers.

As part of the donation, the farmers will attend several workshops to upskill them on topics such as soil health, crop rotation, water management, and pest and disease. The program will also focus on crop ustilisation: how to sell, give back to the local community and plan for the next crop.

During the handover of the donation, Trade Kings Group’s Public Relations Manager, Bridget Kambobe, said, “Small-scale and family farmers play a major role in food production of Zambia. Faced with numerous challenges that include everchanging weather patterns, competition from large industrial farms and a lack of access to reliable, up-to-date information and farming inputs, the drive to support local farmers forms part of the Trade Kings Foundation’s ethos of “Improving Lives” and in so doing we assist in ensuring much-needed food security.”

She concluded, “Our role as Trade Kings Group and Trade Kings Foundation is not only to serve our customers, but to instill hope during the economically uncertain times that we find ourselves in.”

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