Removal of fuel subsidies will have negative repercussions on economy – OMCs

OIL Marketing Companies Association of Zambia (OMCAZ) president Dr Kafula Mubanga has called on government to consider taking a gradual approach to the removal of fuel subsidies. Commenting on Finance and National Planning Minister Dr Situmbeko Musokotwane’s remarks that government was considering removing subsidies as it was spending $26 million every month on fuel subsidies, Dr Mubanga said the removal of subsidies would have a direct repercussion on the prices of goods and services. “It is obviously a good move by government to consider removing subsidies to obviously save resources, but the removal of subsidies has got direct repercussions on the economy. It has direct repercussions on the price of services, the price of goods and this will definitely see…...