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The Zambian Government has assured its citizens of adequate fuel stock required to sustain normal economic activity despite the ongoing crisis in the Middle East, which has triggered a spike in global oil prices.
Zambia’s Energy Minister Makozo Chikote said the country’s fuel reserves include approximately 326 million litres of diesel, providing about 60 days of cover. According to the minister, petrol stocks stand at around 32.8 million litres, representing about 19 days of cover, while kerosene reserves are estimated at 104 million litres, equivalent to about 14 days.
Chikote noted that these levels indicate the country has sufficient fuel and may not be affected by escalations in the Middle East in the short term.
He urged Zambians to avoid panic buying and hoarding of petroleum products, adding that such practice could disrupt supply distribution and cause fuel shortages.
Concerns about fuel shortages during the Middle East crisis mainly stem from the region’s critical role in global oil supply and shipping routes. When conflict escalates in the region, several factors threaten the flow of oil to global markets.
One major recent concern is the risk of attacks on the Strait of Hormuz, a narrow waterway used to transport large volumes of oil. About 20 million barrels of oil per day pass through the strait, making it the main export route for oil from Gulf producers such as Saudi Arabia, Iraq, Kuwait, Qatar and the UAE. If shipping is disrupted or blocked, a large portion of the world’s oil supply could be delayed or cut off.
The global price of crude oil has risen as the crisis intensifies, driving up prices for refined petroleum products. Nigerians and South Africans began paying more for fuel the same week the regional crisis began.
