By Jane Chanda
The Energy Regulation Board (ERB) has maintained the price of petrol and kerosine at K32.70 and K26.95 respectively for the month of November.
The board has however, increased the price of diseal from K28.90 to K30.11.
In a statement, ERB chairperson James Banda stated that fuel prices for November had seen minimal changes due to stable international market prices and exchange rates.
Banda stated that the international price of petrol decreased by 0.18% from US$76.84/bbl to US$76.70/bbl, while diesel increased by 2.59% from US$82.39/bbl to US$84.52/bbl. Kerosene/Jet A-1 rose by 1.46% from US$83.08/bbl to US$84.29/bbl.
He stated that the stability in international market prices and exchange rates resulted in minimal impact on domestic fuel prices.
Consequently, ERB has revised the pump price of diesel upward by K1.21/Litre from K28.90/Litre to K30.11/Litre.
He stated that petrol, kerosene, and jet A-1 prices remained unchanged, as the changes in wholesale prices were below the 2.50% trigger band threshold.
And Banda stated that the country had sufficient fuel stock to cover national requirements, with 32.67 million liters of diesel and 14.17 million liters of petrol and advised against panic buying.
“We advise against panic buying, as we’re working to maintain the national daily requirement of petroleum products,” Banda stated.
He also attributed recent fuel shortages to logistical challenges faced by Oil Marketing Companies(OMCs), including bottlenecks at the port of Beira in Mozambique and Zimbabwe’s new customs law, which required transporters to pay approximately US$24,000 per truck.
Banda stated that ERB was working with authorities to address these issues, prioritising measures such as faster clearance of tankers at Chanida Border Post and engaging Zimbabwe to waive the transit tax.
He stated that other measures included prioritising loading of Zambian cargo at Beira Port and allowing Zimbabwean trucks back on the market.
Banda further stated that ERB would continue to monitor the fuel supply situation and inform the public accordingly.
“Members of the public can engage with us through our offices or the Toll-Free Line number 8484. We urge the public to avoid panic buying, as we are committed to maintaining the national daily requirement of petroleum products,” stated Banda.
