GOVERNMENT EYES LONG-TERM ADNOC DEAL TO END MONTHLY FUEL PRICE FLUCTUATIONS

​President Hakainde Hichilema says the government is actively seeking strategic partnerships to stabilise domestic fuel pump prices and move away from the current monthly pricing review cycle.
​Speaking following a bilateral engagement with senior energy executives, President Hichilema revealed that discussions centered on establishing structured, long-term supply arrangements to buffer the economy from constant price shocks.
​”This morning, we met Mr. Ahmed Bin Thalith, Chief Executive Officer who led a delegation from ADNOC Global Trading, a trading arm of the Abu Dhabi National Oil Company (ADNOC), one of the world’s leading energy companies,” President Hichilema stated on his official Facebook page. “We discussed how best to stabilise fuel prices and move away from monthly price adjustments.”
​The Head of State underscored that the existing monthly review model has introduced significant unpredictability across commerce and domestic life.
​”We expressed concern that monthly fuel price adjustments create uncertainty for businesses and households,” President Hichilema said. “Frequent price changes make planning difficult and complicate the management of the economy. Our Government is therefore keen to work with partners such as ADNOC on long-term supply arrangements that bring greater stability to fuel prices.”
​While acknowledging external market pressures beyond national control, the President stressed the necessity of domestic policy intervention to cushion consumers and foster enterprise growth.
​”While we cannot control some of the factors that drive fuel prices, such as global conflicts that disrupt international oil supply chains, we can make our pricing mechanism more predictable and business-friendly,” he noted, reiterating that the administration remains “determined to deliver the Grow Zambia agenda for the benefit of our people.”
​The engagement with ADNOC forms part of broader state efforts to revamp Zambia’s petroleum procurement framework and anchor macro-economic stability.