By Jane Chanda
The Energy Regulation Board (ERB) has argued that they have increased the fuel pump prices for petrol by 97 Ngwee and diesel by K2.32 respectively for the month of December in order to make Zambia competitive in the global market.
In a statement, ERB chairperson James Banda stated that petrol would now cost K33.67 per liter and diesel K32.43 per liter.
Kerosene would cost K28.67 per liter and jet A-1 K31.49 per liter.
Banda stated that the price increase was due to changes in international oil prices and the value of the Kwacha against the US Dollar.
He stated that since the last price review on October 31, petrol prices actually went down by 1.34 percent but diesel and kerosene prices went up.
Banda explained that diesel increased by 1.98% from US$84.52/bbl to US$86.19/bbl, and kerosene/jet A-1 increased by 3.08% from US$84.29/bbl to US$86.89/bbl.
“During the same period, the Kwacha depreciated against the United States Dollar by 2.90% from K26.92/US$ to K27.70/US$,” read the statement in part.
Banda also stated that the price increase was necessary to keep Zambia competitive in the global market.
He said the new prices would come into effect at midnight on December 1, 2024 and shall remain in effect until revised by the ERB.
