THE Energy Regulation Board (ERB) has assured the nation that the country’s petroleum sector is stable despite the escalating conflict in the Middle East, which has led to a surge in global oil prices.

ERB Director General, Elijah Sichone said the country has sufficient stock covers for both petrol and diesel, with 152.7 million litres of diesel and 40.8 million litres of petrol available.

Mr Sichone indicated that stock cover days for diesel stand at 28 days, with an additional 139.2 million litres in Dar es Salaam, Tanzania, while petrol stock cover days are around 23 days.

However, ERB has warned that the country’s vulnerability to global price shocks is high, given its reliance on imported fuel.

Mr Sichone explained that the conflict has led to a 48 percent increase in Brent crude prices, reaching $104.25 per barrel, and a 51 percent increase in WTI crude prices, reaching $97.25 per barrel.

“For petrol, prices have increased from $70.32 per barrel in February to $101.05 per barrel, representing a 43.7 percent increase, and Diesel prices have also risen from $84.74 per barrel to $138.15 per barrel, a 63 percent increase,” he added