By JAMES KUNDA –
THE Government has projected a rise in the fuel pump prices driven by the depreciation of the Kwacha and increased cost of crude oil on the international market.
Energy Minister Mathew Nkhuwa told Parliament in a ministerial statement yesterday that since the last downward adjustment in February this year, the Kwacha depreciated.
He said the Kwacha depreciated against the United States (US) dollar by 9.71 per cent from the February average rate of K11.94 to a dollar to the mid-year level of around K13.10 to a dollar.
Mr Nkhuwa said the price of crude oil, which was mainly imported by Government increased by 10.05 per cent from an average of US$65.74 per barrel in February 2019 to an average of $72.35 per barrel in May 2019.