Zambia is to start receiving cheaper oil from Saudi Arabia to ease domestic fuel prices for the next five years.

The Saudi Arabian government through the Saudi Fund for National Development has granted the country a $20 million revolving fund to supply cheaper oil to Zambia.

According to Zambia’s Ambassador to Saudi Arabia, Ibrahim Mumba, the offer is now in its last stages and with the President’s state visit to Saudi this week, Zambia will start benefiting from cheaper oil after a month. He said Saudi Aramco has before now, agreed to produce and supply oil to Zambia once logistics has been set up.

Mumba added that the Saudi Fund and Zanaco are presently in negotiations to enable the transfer of funds in order for the country to start receiving cheaper oil, Lusaka times reports.a

Anita Fatunji