Zambia Announces Substantial Reduction in Fuel Pump Prices Effective 31st May
Effective from midnight on May 31st, fuel pump prices in Zambia will experience a substantial reduction, bringing relief to consumers. The Energy Regulation Board (ERB) has announced the new prices, highlighting the significant decrease in the cost of various fuel types.
Petrol prices will witness a reduction of K3.14 ngwee per liter, resulting in a new price of K24.45 ngwee, down from the previous K27.59 ngwee. Similarly, Low Sulphur Diesel prices will experience a notable decrease from K24.64 ngwee to K21.87 ngwee per liter. Kerosene will also be available at a reduced price of K19.74 ngwee, compared to its previous cost of K20.47 ngwee. Additionally, Jet A1 fuel at the Kenneth Kaunda International Airport (KKIA) will be priced at K21.64 ngwee per liter, down from K22.60 ngwee.
During a press briefing in Lusaka yesterday, Reynolds Bowa, the Chairman of the Energy Regulation Board, announced the newly reduced prices. Mr. Bowa attributed the drop in prices to the reduction in international oil prices, which outweighed the impact of the kwacha’s depreciation.
Simultaneously, Mr. Bowa expressed concern about the ongoing impasse between tanker drivers and their employers. He emphasized the need for an amicable resolution, as failure to do so could potentially disrupt the availability of fuel in the market, leading to possible shortages.
The reduction in fuel pump prices will bring significant relief to consumers across the country. With the cost of petrol, diesel, kerosene, and Jet A1 fuel witnessing a substantial decrease, individuals and businesses can expect relief from the burden of high fuel expenses. The ERB’s decision demonstrates their commitment to ensuring fair and affordable fuel prices in Zambia.
