Tuesday, May 21, 2024

ERB analysing fuel cargo in the face of oil price reduction on the international market

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Energy Regulations Board (ERB) offices
Energy Regulations
Board (ERB) offices

The Energy Regulation Board (ERB) says the analysis of the latest fuel cargo is underway following the recent price reduction of Oman and Murban crude oil on the international market.

ERB Executive Director Langiwe Lungu said once the analysis is completed, the ERB will escalate the findings to the ERB board which will then make a decision on the local fuel pump prices.

Ms. Lungu said ERB takes cognizance of the anxiety of stakeholders in the face of price changes of crude oil on the international market adding that the public will be duly informed of its decision.

She said this in a statement issued to media in Lusaka today in response to press queries on fuel prices following the oil price reductions on the international market.

The price of Oman crude oil on the international market has reduced to US$86.1 from $108.16 translating into a change of 19.65 percent per barrel for the period June to October 2014.

Murban crude oil price on the international market also reduced to $87.95 from $110.61 per barrel translating into 20.49 percent for the same period.

Zambia uses Oman and Murban crude oil and the ERB determines the price of petroleum products using cost plus model on the cargo-by-cargo basis as well as the Kwacha exchange rate against major currencies.

17 COMMENTS

  1. Whats analysis???? everyone has passed on benefits to consumers… whats wrong with ERB.. Just reduce the pump price imwe!

  2. Let them continue analysing in meetings and workshops until the prices on international market go up again. Black mambas!

  3. Just reduce the pump price does it have to take some alien to tell you to reduce. Let us also enjoy why waste time on straight forward issues.

  4. Shocking from june prices reduced by 20% , its not rocket. Science to analyse 20%. Its 20% nothing else r they PF cadre ERB???

  5. Quick to adjust price upwards……,like thieves at midnight and lacklustre in bringing pump prices down.

    This was known in June, we are in November, get real we are paying way above any other country in the region if not Africa.

    My vote will count…….so can yours!

    These……

  6. ERB management must be fired.what is there to analyse?ERB board must be moving fast the way they do when increasing fuel prices!please wake up and dont tarnish PF’s image!

  7. I think taking pricing as the only factor in currency performance might not be good risk/ derivative management of this commodity fuel be it in contagion or backward on paying particular attention to the momentum strategies as we trade either on spot of in future markets which is typical of the oil energy sector

    Another question to ask is whether the price is supply driven or demand driven because in there lies room to adjust the price to take advantage either in the rise or fall on the international market

    A little opening about risk strategies and derivatives in energy and oil will ensure profiting and smooth oil prices with little shocks or fluctuation avoid locking in the…

  8. I like the strategies of our colleagues in particular China South Africa, and Us in particular as they take advantage of the change in fuel prices on the international platform

    Its either you moving assets in agricultural ,metals, interest rates ,equities and other on the NYMEX as you hold your position in your oil without eroding value of that position at the same time having market sustainability in oil prices with good derivatives strategies with the currency as the last option

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