The Energy Regulation Board (ERB) of Zambia has announced adjustments in the pump prices of petrol and diesel for the month of October, citing the impact of fluctuating international oil prices and the depreciation of the Kwacha against the US dollar.
According to Reynolds Bowa, the Chairperson of the ERB Board, petrol will now be priced at K 29.98 ngwee per litre, up from the previous K 29.42 ngwee per litre. Diesel prices have also seen an increase, with the new rate set at K 29.96 ngwee per litre, compared to the previous K 26.88 ngwee per litre.
However, Mr. Bowa clarified that the price of Kerosene will remain unchanged, holding steady at K 20.44 per litre. Additionally, Jet A One, the aviation fuel used at the Kenneth Kaunda International Airport, will now be priced at K 29.29 ngwee per litre, up from K 26.46 ngwee per litre.
Addressing journalists during the monthly petrol pump price review updates at the ERB offices, Mr. Bowa explained that these adjustments were primarily driven by two key factors.
Firstly, fluctuations in international oil prices have led to upward pressure on domestic fuel prices. The global oil market has experienced volatility, impacting the cost of fuel worldwide.
Secondly, the depreciation of the Kwacha against the US dollar has contributed to the increase in domestic fuel prices. The exchange rate plays a significant role in determining the cost of fuel imports.
Mr. Bowa emphasized that the ERB is closely monitoring these factors to ensure that fuel prices remain reasonable and in line with international market trends.
