By: Ollus Ndomu
Zambians have taken to social media complaining about the increasing oil prices without a clear intervention by government.
According to Aubrey Chibumba, Director of the Crushers and Edible Oil Refiners Association –CEDORA-, the shortage of sunflower oil that accounts for about 25% of the total oil consumed in Zambia and the ongoing Russian invasion of Ukraine are factors influencing the increase in cooking oil prices.
Quoted Tuesday from the local Radio Phoenix News, Mr. Chibumba said palm oil prices on the international market had soared to US$2,000 per ton, explaining that changes on the international always affect the local markets but called on the government to reintroduce the waiver on value added tax which was scrapped off early this year.
Meanwhile, republican President Hakainde Hichilema acknowledged the steadily increasing cooking oil prices in his Tuesday Facebook statement but did not hesitate to blame it on the Ukraine-crisis:
“We are closely monitoring the Ukraine and Russian conflict which has pushed oil prices to record highs. This situation will certainly affect the world economic growth and hard hit will be developing economies especially in Africa including Zambia.”
President Hichilema however expressed optimism that the Russia-Ukraine war would soon come to an end.
“We however remain hopeful that the conflict in that region will be addressed within the shortest possible time as we believe instability anywhere is instability everywhere,” the president’s statement added.
A 5 liter of cooking oil which sold below K200 early this year has gone up to sell between K300 and K350.
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