THE ZAMBIA ASSOCIATION OF MANUFACTURERS SAYS ANY FURTHER INCREMENT IN THE PUMP PRICE OF FUEL DURING THE COURSE OF THE YEAR WILL LEAVE DEVASTATING EFFECTS ON THE MANUFACTURING SECTOR

THE ZAMBIA ASSOCIATION OF MANUFACTURERS SAYS ANY FURTHER INCREMENT IN THE PUMP PRICE OF FUEL DURING THE COURSE OF THE YEAR WILL LEAVE DEVASTATING EFFECTS ON THE MANUFACTURING SECTOR.

SPEAKING  IN AN INTERVIEW WITH RADIO PHOENIX , (ZAM) PRESIDENT CHANCE KABAGHE SAYS MANUFACTURERS IN THE COUNTRY ARE STILL CAPABLE  OF STRIVING  AND SUSTAINING  THE SECTOR WITH THE RECENT HIKE IN FUEL PRICES BUT ANY MORE UPWARD ADJUSTMENTS IN 2011 WILL SPELL DOOM FOR THE SECTOR.

MR. KABAGHE HAS NOTED THAT  ANY MORE INCREMENTS IN THE PRICE OF FUEL WILL HINDER THE REALIZATION OF THE OVER 5 PERCENT GROWTH TARGET THE SECTOR HAS SET FOR THIS YEAR.

THE ENERGY REGULATION BOARD LAST MONTH ANNOUNCED AN INCREASE IN THE PRICE OF FUEL BY MORE THAN 11 PERCENT WITH  PETROL GOING UP FROM K7,639 TO K8,647 WHILE  DIESEL ROSE FROM K6,999 PER LITRE TO K7,958 PER LITRE.

IN MAY LAST YEAR, ZAMBIA RAISED THE PRICE OF FUEL BY AN AVERAGE 13 PERCENT AND THERE WAS ANOTHER INCREASE OF 15 PERCENT IN JANUARY 2010 DUE TO RISING GLOBAL OIL PRICES.

published by augustine m sichula