The Government has resolved to import only finished petroleum products through TAZAMA.

Energy Minister PETER KAPALA says INDENI refinery will no longer refine crude petroleum products.

Mr. KAPALA says the change in the supply structure will shorten the petroleum price review cycle.

He says INDENI has been relying on Government support to refine crude products.

The Minister says an assessment done by government has revealed that it will be cheaper to import finished products than import crude oil.

And Mr. KAPALA says government is currently servicing the over 5 hundred million dollar debt in price support and subsides to oil companies.

Speaking during a media briefing in Lusaka today, Mr. KAPALA also announced that the Energy Regulation Board -EEB- will next week Thursday, March 31, announce new fuel pump prices.

Mr. KAPALA said despite the adverse effects that the international oil prices have on the country; the fuel supply situation has remained stable above the minimum required threshold.

He said the increase in the prices of both crude and finished petroleum products has been caused by the robust demand against strained supply following the tension between Russia and Ukraine.

Mr. KAPALA said it is anticipated that the price of crude oil will remain high above 100 dollars per barrel beyond March 2022.

He said prices will continuously be adjusted in line with dictates that influence prices in order to maintain domestic prices at cost reflective levels.

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