Fuel Price has not been hiked-ERB

THE Energy Regulation Board (ERB) has dispelled rumours that the pump price of all petroleum products has been increased.

ERB has assured members of the public that the price of fuel was intact with the retail price for petrol being at K9.87 per litre, diesel K8.59 litre and kerosene K6.12 per litre.

This is according to the prices fixed by ERB as of July 13, this year.

Any adjustment to the pump price of fuel is determined by the cost of crude oil on the international market.

International oil prices yesterday closed trade at an average US$48.82 per barrel, 70 Cents lower than what was obtaining at the end of business on Tuesday.

In a statement issued in Lusaka yesterday, ERB Public Relations Manager Kwali Mfuni noted with concern rumours that the retail price of petrol, diesel and kerosene had increased.

“ERB would like to assure the public that there has been no increment in fuel price and due processes are always followed during a price review with any change subsequently announced,” she said.

Ms Mfuni said in an event of a price change, ERB would promptly announce the adjustments to the nation through the media and oil marketing companies, dealers and transporters would also be formally informed.

“Members of the public and stakeholders take this as official notification,” Ms Mfuni stated.

Speculators and those who want to sow anarchy have been spreading rumours that fuel prices have been increased to K15 per litre following the fall in the value of the Zambian Kwacha relative to other foreign currencies.