The Petroleum Fund and Central Bank of Lesotho (CBL) have assured Basotho that there is currently no shortage of fuel in the country despite growing global tensions affecting oil supply.
Head of Projects at the Petroleum Fund, Mr. Teboho Molantoa, said the Fund is responsible for ensuring that Lesotho always has adequate petroleum supplies.
He noted that concerns about fuel shortages have emerged following escalating tensions involving Israel, Iran and the United States of America which began in February. Mr. Molantoa emphasised that Basotho should remain calm, as there is currently no indication that the country is running out of fuel.
Ms. Nts’eliseng Qopana, Senior Portfolio Manager at Central Bank of Lesotho said the movement of fuel tankers transporting petroleum into the country has remained high. Ms. Qopana explained that global oil prices are influenced by geopolitical factors, noting that Saudi Arabia is one of the largest suppliers of oil to South Africa.
However, Ms. Qopana reassured Basotho that they should not panic when fuel prices rise, noting that conflicts around the world often have ripple effects on global markets.
