By Ellen Hambuba
Global oil prices have recorded a sharp rise this week, a development that could impact fuel and transport costs.
Brent Crude, the benchmark used by most countries including Zambia, climbed to about US$85 per barrel—nearly 20 percent higher in just one week. West Texas Intermediate (WTI), the U.S. benchmark, rose even more sharply by almost 23 percent, closing the week at around US$80 per barrel.
Since January, both benchmarks have surged by nearly 40 percent, signaling sustained pressure in international energy markets, according to figures from the Zambia Extractive Industries Transparency Initiative (ZEITI) Mineral Dashboard.
Meanwhile, the Kwacha slightly weakened against the U.S. dollar, closing the week at K19.48 per dollar—about 3 percent weaker than last week. Despite this depreciation, the Kwacha remains stronger than it was at the start of the year, offering some cushion against rising import costs.
The Energy Regulation Board (ERB) has said it is closely monitoring global oil price movements and exchange rate trends to guide its upcoming fuel price review.
