By NATION REPORTER
ECONOMIST Kelvin Chisanga has attributed the increase of fuel prices to the ban of export of fuel by the Russia which remains one of the largest producers of petroleum products.
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Speaking in an interview yestetrday, Mr. Chisanga said there is need to stabilise the commodity by allocating more funds towards the energy sector to cushion the prices surrounding petroleum products.
He said the increase in petroleum products will have a strong impact on the domestic economy as the country is likely to see price spiraling up in most essential goods and services.
Mr. Chisanga said the cost of doing business is also expected to escalate as petroleum products are a main driver of the business sector.
He said the hike in the fuel price will equally distort the power-pricing effect on the final user as this price growth will demand more units of value to meet up with the market value for exchange.
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