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Zambia Chamber of Commerce and Industry (ZACCI) has welcomed the reduction of Petroleum products, while urging industry players to increase their production.
Chamber President, Chabuka Kawesha, said in Lusaka on Thursday that ZACCI had noted the positive impact the reduced cost of energy- petroleum products would have on the market.
Kawesha indicated that the contributing factors to the fuel reduction from a global perspective have been acknowledged as well.
On Wednesday, ERB lowered prices of petrol and diesel to K24.4 and K21.87 respectively.
The Board stated that the uncertainties arising from concerns of a looming recession that affected oil and gas markets globally contributed to the reduction in fuel pump prices.
This Kawesha said: “We would like to encourage light to heavy fuel users to enhance and increase production and service activities during such positive cost related fuel windows when they occur.
“Meanwhile, ZACCI is calling upon government to facilitate dialogue forums that are specific for sector regulators and the private sector.”
He said such forums would facilitate collective and collaborative platforms for identifying and implementing economic growth and investment opportunities on an on-going basis.
Kawesha said the regulatory agencies would have opportunities of sharing long term visions for specfic sector growth thus create certainty, investor confidence and trust, improved compliance, sustainability and trigger increased greenfield projects.
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