Zambian President Hakainde Hichilema has cautioned that the ongoing tensions in the Middle East could threaten efforts to keep fuel prices stable and affordable in the country.
The President noted that Zambia’s petroleum sector had been well-managed prior to the recent coordinated military strikes by the United States and Israel on Iran. He expressed hope that the conflict would be resolved quickly, warning that prolonged instability could push up global oil prices.
U.S. President Donald Trump stated on Monday that the war involving Iran, initially projected to last four to five weeks, could last much longer than expected.
The crisis has already raised concerns among oil-importing nations, with Brent crude oil rising to around $84 per barrel on Monday afternoon.
Addressing over 1,800 councillors from across Zambia, President Hichilema said a prolonged war could increase fuel costs, worsen inflation, and raise the cost of doing business.
He highlighted that Zambia’s economy is showing signs of recovery, citing improvements in macroeconomic stability, fiscal consolidation, and a reduction in inflation from 23 percent to single digits.
Despite these positive trends, the President warned that global developments — particularly the situation in Iran — remain a key risk to domestic fuel pricing.
President Hichilema explained that pump prices depend on three main factors: the exchange rate, transportation costs, and international fuel prices. While government policies are helping stabilise the currency and expanding pipeline infrastructure to reduce transport costs, global oil price fluctuations remain beyond Zambia’s control.
He concluded by reiterating that Zambia does not support war or conflict but must prepare for the economic consequences arising from international geopolitical tensions.