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Chingola District Chamber of Commerce and Industry (CDCCI) president, Freddie Musonda, says the current Kwacha depreciation overburdens businesses despite the lower cost of fuel in the local market.
The local currency has hit K20 against the United States Dollar after dropping to a three month low of K17 a month ago.
Musonda said in an interview in Chingola on Monday that although the reduction in fuel pump price would result in a reduction in the cost of doing business, the depreciation of the local currency was worrisome.
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“The reduction in oil production on the local front will held in the reduction of the cost of doing business in the short term given the monthly pricing mode, the fear is the depreciation of the Kwacha which might cancel all the gains form the fuel price review,” he said.
Musonda is hoping that the local currency would not depreciate further so that an increment is not affected in the July price review.
The Energy Regulation (ERB) during the monthly fuel pump price review announced that the price of petrol per litre will be K24.45 from K27.59 last month .
The price of diesel also significantly dropped from K24.64 to K21.87 in the month of June.
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