“Skyrocketing crude oil prices- a major concern, calls for further fuel subsidy”IN April, 2020 the crude oil price fell to $18 a barrel and dealt a severe blow to oil producing and exporting countries. Shockingly, most oil importing countries were unable to utilise the opportunity presented by the fallen crude oil price due to a myriad of challenges which included a weakened currency due to the impact of Covid-19 pandemic. Fast forward to end of April 2021, the crude oil price has risen by over 200 percent; a situation which has caused major concerns as most economies are still fragile.Indeed, the skyrocketing crude oil price is causing significant challenges for the global economy; Zambia included. Between October 2020 and to date, crude oil price has increased by about 75 percent.While this is good news for oil producing and exporting countries who suffered severe ruin when the crude oil price fell to $18 a barrel, this is certainly […]
G20 COUNTRIES’ FOSSIL FUEL SUBSIDIES REACH $500BIN
