Zambia’s Energy Regulations Board (ERB) Implements Revised Fuel Prices
In response to the recent fluctuations in international oil prices and exchange rates, the Energy Regulations Board (ERB) of Zambia has made significant adjustments to the pump prices of various petroleum products.
Effective from the beginning of August, consumers will experience changes in the cost of petrol, diesel, kerosene, and Jet A-1.
Petrol prices per liter will now be set at 25 Kwacha 57 ngwee, up from the previous 24 Kwacha 93 ngwee, while diesel will be priced at 23 Kwacha 36 ngwee per liter, an increase from the earlier rate of 21 Kwacha 87 ngwee.
ERB’s Chairperson, Reynolds Bowa, announced that kerosene prices have also been adjusted, now costing 20 Kwacha 44 ngwee per liter, compared to the previous rate of 18 Kwacha 53 ngwee.
Additionally, the pump price for Jet A-1 will see a moderate increase of 2 Kwacha 21 ngwee.
Bowa clarified that these changes were prompted by the recent surge in international oil prices during the period between July and the current price review for August.
The global market has witnessed fluctuations due to speculations surrounding potential global supply deficits, leading to the increased costs.
The ERB aims to strike a balance between consumer affordability and ensuring the stability of the country’s energy market. These adjustments are intended to reflect the current economic conditions while addressing the impact of international developments on fuel prices.
As the situation on the global stage remains unpredictable, the ERB will continue to monitor market trends closely to implement further adjustments if necessary. The board remains committed to transparently communicating any future changes to the public and stakeholders.
