Zambian President, Hakainde Hichilema, on Tuesday convened an urgent meeting with oil marketing companies to address the potential impact of rising global fuel prices triggered by tensions in the Middle East.
The meeting was attended by officials from the Energy Regulatory Board and the Ministry of Energy, as part of efforts to protect the country’s petroleum market and broader economy.
Discussions focused on safeguarding Zambia’s recent economic gains from external shocks affecting global petroleum markets. President Hichilema warned against fuel hoarding and any form of market manipulation, stressing that the government would not hesitate to take decisive action against entities attempting to destabilise the market.
In a statement issued by Chief Communication Specialist Clayson Hamasaka, the President noted that Zambia’s economic progress—anchored on debt restructuring, effective drought response, and sustained growth—remains vulnerable to global developments and must be protected.
He emphasised that preserving these gains is critical to maintaining economic stability and shielding citizens from rising living costs.
President Hichilema further directed the Ministry of Energy to work closely with stakeholders to develop short-, medium-, and long-term measures to ensure a stable and affordable petroleum supply across the country. The ministry is already collaborating with industry players to maintain consistent fuel availability nationwide.
The government also indicated that emergency interventions introduced during the drought period remain in place and could be activated if necessary to respond to the current situation.
Meanwhile, the National Oil Marketing Association confirmed continued engagement with the government, stating that the industry is working collaboratively with authorities to manage the potential impact of the Middle East conflict on Zambia’s fuel supply and pricing.
The move underscores the government’s commitment to protecting the country’s economic stability amid evolving global challenges.