Zambia Raises Petrol and Diesel Prices Amidst Oil Price Surge
The Zambia Energy Regulation Board (ERB) has implemented a significant increase in the prices of petrol and diesel, marking an average surge of 3 Kwacha 68 Ngwee.
As a result, the cost of a liter of petrol will experience an uptick to 29 Kwacha 42 Ngwee from its previous price of 25 Kwacha 55 Ngwee, reflecting an increase of 3 Kwacha 85 Ngwee.
Similarly, diesel prices will witness a rise of 3 Kwacha 52 Ngwee, leading to a new cost of 26 Kwacha 88 Ngwee per liter, up from 23 Kwacha 36 Ngwee.
Furthermore, the price adjustment extends to Jet-A1 fuel, which previously stood at 22 Kwacha 56 Ngwee and will now be priced at 26 Kwacha 42 Ngwee.
ERB’s Chairperson, RAYNOLDS BOWA, unveiled these fuel price adjustments yesterday, announcing that they would come into effect at midnight.
Notably, Mr. BOWA clarified that kerosene pump prices would remain unaffected at 20 Kwacha 44 Ngwee due to the country’s substantial reserves. He explained that this measure was intended to maintain stability in kerosene pricing.
The rationale behind the upward adjustments in fuel prices is attributed to the surge in international oil prices and the depreciation of the Kwacha against the US dollar.
