ERB reduces the Price of fuel, attributes reduction to Kwacha strength and fall in oil price

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ERB Board Chairman Francis Yamba
ERB Board Chairman Francis Yamba

The Energy Regulation Board (ERB) has reduced the pump price of all petroleum products effective Tuesday midnight tonight.

ERB Board Chairman Francis Yamba has announced that the price of petrol has been reduced by K1.20 and will now be selling at K12.50  from the K13.70

Professor Yamba further announced that diesel has seen a reduction  and will be selling at K10.70 from K 11. 40.

He said the price of Kerosene has been reduced by K1.22 and will be selling at K6.81 from K8.03.

Low Sulphur Diesel has also seen a reduction of 68 ngwee and will be selling at 13.01 from 13 .69.

Professor Yamba attributed the price reduction of the petroleum products to fundamentals such as the exchange rate

He added that ERB will continue to monitor and review the pump prices according to the minimised consumer shocks.

Professor Yamba was speaking at a media briefing in Lusaka.

Below is the full statement

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50 COMMENTS

  1. Hahaha.. PF has lost it… sudden increases and reduces. You don’t run the economy in this way. We are doomed!

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    • Flip flop, chipante pante, government in motion. They first increase the commodity prices then they reduce, their leader first increases his salary three times then announces that he has cut it by half, so that the gullible, illiterate majority Zambians can think they are a listening government. Ba swine!

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    • A very difficult govt to understand. ERB has reduced the price because ECL instructed them to do so in his New Year’s message. The increase is coming soon and it will be by K5.

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    • How do you run the economy then? The oil price fluctuates in most countries and when it does so in Zambia something must be wrong?

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    • Bati kwana ba PF nabo na professor bamupanga icupuba? Uyu Professsor walifye bwino nembabula shakwe.

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    • He looks old he should retire, we need young leadership.. Thats why they cant even fight for cheaper fuel. they have their own interests.

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    • It is amazing that we have !d!ots who seem to be living abroad (owing to the flags on their avatars) yet their comments seem so shallow! Those who have lived, or are still living abroad (like the USA, Canada, and many countries in Europe) would testify to the fact that Fuel/oil prices fluctuate all the time. I have personally witnessed prices of fuel change two to three times in a day. I am not an economist, but fuel prices in certain countries is left to FLOAT (fluctuate) the same way CURRENCE (money) floats.

      Try being rigid with fuel prices and you will end up like Venezuela despite it being an Oil producing country. Please people, get a grip even if it is in your DNA to criticize Govt all the time!

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  2. This is the work of a hardworking government which is pro poor. Other miserable quacks like Hap Hazard (HH) Kaponya are busy praying to Satan for the economy to crash so that they gain cheap political mileage.
    This is a good announcement ERB. Kudos! Shame the critics.

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    • The up down party haters with their U5 and GBV are still suffering from Chikonko mwikate.

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    • The strengthening kwacha and fall in oil prices? Oil has been steadily rising. Who are they trying to fool? A government of people with chicken brains. Only people with retarded brains like kudos would get excited by this.

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  3. What fundamentals? The strengthening of the Kwacha as compared to the rise of crude oil price, the delta between the two can not lead to a decrease unless am missing something… oil today is at $57.

    What fundamentals ?????

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    • TheEngineer (Australia now Germany you are right. Now its at $58. Am really wondering which fundamentals this professor is talking about. Copper is now treading $ 5535.00.

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    • @The Engineer, this is your fellow engineer. Like you, I have observed the same. I am left to wonder whether Zambia’s economy is dependent on oil or copper. Since when did that happen…? Now If the opposite became true then he would agree with Francis Yamba’s statement but so far it doesn’t merit the fundamentals he’s talking about. There is a gulf between the two. Zambia’s economy is to a very large extent on Copper (Cu)., in fact been like that for decades…

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  4. Hard working PF government, in the next 2 days food prices will drop..VIVA PF, VIVA ECL (the most hardworking president Zambia has ever had). Mr president you have a heart for the people, new year eve you make a decree and it happens. Iyo you are the man, 2021 you have my vote…

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  5. Who reads and listens to international news? South Africa has increased the price of petroleum products effective midnight today (Tuesday 3rd). The world is a confused state of affairs. Can we see more reductions in our country please so that certain things should start making sense

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  6. ERB has just fixed a knote in its neck…a paradoxical move! A sensible citizen must maintain their budget …next increament to be effected in the next two months.
    MARK MY WORDS.

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    • That doesn’t matter, as long as there a a corresponding decrease as soon as the crude oil price drops again. This up and down price adjustment happens even more frequently in developed countries. Stop living in your small world.

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  7. The increase is coming soon and it will be more than the decrease… The ultimate is to increase the price even further than where it was yesterday. Everyone seems to be happy now (today) due to the decrease and they will not complain when there is an increase, it is that simple.

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  8. This is a political rather than a business decision. There is upward trend in crude oil on the World market and the Exchange Rate depreciation of the Kwacha is induced. In 2 months time ERB will have to adjust these prices upwards. Without Balance of Payments support the Kwacha will devalue against the USD. With the break down of Rule of Law, Poor Governance and violation of human rights IMF Financial Assistance will not come to Zambia. It is also necessary to reduce total expenditures. U cant do this by creating new Ministries. The Petition is bound to be a deal breaker and the sooner this Petition is resolved the better becoz it unlocks value. Illegitimacy is costly so it is imperative that the 2016 Election Dispute/Petition be resolved first and on a priority basis. It is wishful…

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  9. Ati fundamentals …. kikiki … on a serious note what fundamentals you 1diots?? remove corruption in all or key sectors of the government and you will see gas being sold at K5 per/ltr …

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  10. The average price of a barrel of crude oil for the last 12 months in 2016 is as follows.
    – JAN $29-78
    – FEB $31-03
    – MARCH $ 37-34.
    – APRIL $ 40-75
    – MAY $45-94.
    – JUNE $47-69.
    – JULY $ 44-13.
    – AUG $ 44-87.
    – SEPT 45-04.
    – OCT. $ 49-29.
    – NOV $45-26.
    – DEC $ 50 (Average to be confirmed as data not to be ratfied), but most of December crude was just above $50-00.

    If you look at the Kwacha in the last 12 Months, the increase which happened before this reduction completely does not make sense. Do your maths.

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  11. i totally agree with you mwansa . besides the adjustment is nothing it only fools pf cadres who cant see anything, soon something worse is coming indeed zambians are beeing taken for a ride.

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    • Of what importance is his appearance to anybody here? If you have been brainwashed by muzungu about European standard of beauty..please keep it to your silly self!!

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  12. Really laughable …its shambles everywhere with these empty tins..when price was at all time low they were increasing…what fundamentals surely??

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  13. Meanwhile in other news TV levy increased from K3 to K30. you will only fill it when you go to buy electricity units.

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    • Stop peddling false information here.The 30 kwacha is subscription for those who will be watching the ZNBC/STAR TIMES pay channels

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  14. The up down party haters with their U5 and GBV are still suffering from Chikonko mwikate. Sela tubombeko!

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  15. The wrong reason was used when they last increased and now because of that, any further increase in oil will end with the need to subsidize.
    Prof is not making sense and only trying to put flesh on a bones.

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  16. Prof. Yamba is too dignified, important and professional to allow himself to be abused by people in government who are, honestly, dishonest and are common petty crooks.

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  17. This reduction would have made a slight difference if airtime and water tariffs did not rise. It is a mockery.

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  18. Malawi minister Chaponda refuses to resign over ‘maizegate’ scandal’: Accuses journalists of smear, says ADMARC CEO was involved in import deal with Zambia

    ? January 2, 2017 ? Alfred Chauwa & Tiwonge Kumwenda – Nyasa Times ? 21 Comments

    Minister of Agriculture, Irrigation and Water Development George Thapatula Chaponda, has refused to resign after the Zambian maize procurement saga appeared to link him to the deal.

    Chaponda: I was not involved in the procuerement but ADMARC CEO

    The civil society organisations (CSOs) have been calling for the resignation of Chaponda and suspension of State-produce trader Agricultural Development and Marketing Corporation (Admarc) chief executive officer Foster Mulumbe, saying their continued stay in their positions would…

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  19. Due to the the volatility of the kwacha to the United States dollar the prices hiked. Now with the stability of it and the common grounds reached, I can safely say the move is welcomed. Nothing political of whatsoever.

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  20. Upnd prayer : Our Father in heaven, we pray that the price of fuel keeps on rising. Give us the army worms so that there is starvation in the nation, allow us to disrupt the fertilizer distribution as it’s in Zimbabwe, let not the economy pick up so that the PF can be unpopular. We trust you’ve heard our prayer. Amen

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  21. Crude oil prices have been falling for 4 years, how then have the prices of petroleum products in Zambia not gone down.

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  22. Jump you are so right, nothing makes sense in this country. There is no ripple effect with issues. The so called Ministers & MP’s are so complacent. Where is the CEO of ERB who is the technocrat not commenting on this issue?

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  23. Zambian fuel was overpriced, and we all know that there are too many hoodlums in the fuel pricing ring involved in milking Zambians!

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  24. Ba ERB Kalulushi is still selling fuel at 13.70 claiming you have not sent someone to change the meters.

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  25. Petrol stations have not reduced the fuel prices in chingola since morning and most people were astonished by their traditional violation of the law. It is only during increases that Chingola fuel stations abide to announcements but during decreases they wait for someone to come over and switch the price. Is this the way we are going to operating as a country in this new age? Is it a new norm supported by ERB? I suspect the pumps at most filling stations country wide are not calibrated thus a lot of theft is going on in this industry.

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    • I am about to get a court order to compel Kalulushi Filling station to comply. The phuckers don’t waste time when it’s increasing involved.

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Comments are closed.