The Energy Regulation Board (ERB) has adjusted upwards the pump price of fuel effective midnight tonight citing changes in two main variables that influence the price of the commodity.
In a statement issued by ERB Board Chairman, Raymond Mpundu to ZANIS in Lusaka today, he stated that oil prices have increased on the international market whilst the Kwacha had depreciated.
Petrol has been increased by K2.31 to K16.06 from K13.75, diesel adjusted by K2.64 to cost K14.65 per litre.
Mr. Mpundu said kerosene goes up by K2.49 from K8.85 to K11.34 per litre respectively.
“Of the two fundamentals, the international oil price has been the most volatile and is the key driver for this price adjustment. Specifically, from the last price adjustment on 12th February, 2018, the volatility of the Kwacha has depreciated against the United States Dollar by about 26.39% in the last two weeks of September, 2018,” read the statement.
Mr. Mpundu stated that the price adjustment was based on the current cargo.
The ERB Chief further stated that the review in based on the cost plus model used to determine fuel prices.
Soon we will be producing our own petrol and that will help! Let’s support those who are still searching! Go Zambia, go!
Ati “ERB has adjusted upwards….”, just say ” increased”. period. People are not going to eat your cheap diplomacy.
There will be the usual domino effect.
Food prices will rise sharply. Services and rentals will follow.
The Kwacha will continue depreciating, and petrol prices will continue rising.
I am afraid it is all down hill from now.
We have seen this pattern before.
Enjoy what you voted for.
Even here in Aussie the same has happened and illiterates like you are complaining.
When the variables support a down Ward adjustment like drop in oil prices , the pf theives don’t pass on the savings but pocket the difference…..
Managing the national economy has eluded Zambia with 50 years of being an independent state. Its none other than the incompetence of those we choose to run state affairs for instead of substance we go for rhetoric. The Zambian economy is managed in a reactive manner with no mitigatory efforts! For as long as we remain satisfied with Grade 12 leadership all round in a world whose advances in all spheres is moving at a faster pace Zambia is doomed! The ERB can use Latin to explain in justifying the increase in fuel cost it still does not put them in good light as competent managers! May acute nostalgia affect those that remember a once selflessly managed Zambia.
LUNGU-MUST-GO LUNGU-MUST-GO LUNGU-MUST-GO. This does not mean we want hh.
Go to mosque traffic lights near sda on independence avenue. You will find street kids produced hh and chiluba
Yup, those two morons striped Zambia of its wonderful stability. Even Kaunda’s slip ups could have easily been fixed.
This is terrible!
Just last week the spokesperson was in the media refuting strong rumours of an impending price hike even saying the current feedstock is enough to last 90 days and we don’t see any adjustment until that is exhausted. Wait this is not the final increment. The prices will be adjusted upwards again after independence day. They just didn’t want to make a big jump at once or else there will be a massive outcry and hence they have decided to do it slowly.This will definitely lead to an increase in all prices of commodities as well as transport. Next to come : Zesco
Wis this cheap fuel from Saudi Arabia.
Ati we are professional s we dont sink low to discuss usless things.
Let us see who will be spared.
Let us look for a genuine leader. Not HH or ECL
U5 took dollar to Panama Thats why shortages of dollar
Too much kwacha was printed to buy dollars by corrupt elements.
We also have a big adjust increase tonite R1 per litre, this is actually not good for us here too, no wonder Trump was angry with OPEC countries they r to blame for this.
For the Politicians and senior citizens they are okay as they got their increments backdated to January …its docile Zambians who will feel the pinch…bus fares and haulage will go up!!
Ulichipuba, always saying docile Zambians, what is your description yourself? Just speak your mind and stop insulting us. You are the type who call your children dogs
If Mushota can stand up and insult say how degenerated you are compared to his muzungu, you are quiet, the moment someone says “docile” you go crazy? Come on.
Its true Zambians are docile…fikaisova….taking things for granted…all talk no action.
So bwana, stay cool.
A nerve was hit right there!
If the shoe fits …
This was bound to happen when oil was scaling upwards. Zambia and Angola should have invested the Eurobonds into the Angola Zambia pipeline. Our very next door neighbor produces oil. I shall end here because some things never make any sense in Zambia. President Sata was wrong to want that Professor Chirwa to revitalize ZR when oil should have been priority number one.
Nothing to do with oil prices bwana.
Someone printed a lot of kwacha to buy dollars, and spend as they wished internally.
I guess even in Aussie they printed a lot of money to have this huge increase in fuel price. Do a simple research badala. You cant cheat anyone in this digital world.
Oval Head,
Finance minister has just released a statement confirming my assertions.
Who is the dunderhead now?
Muleishiba utuntu!
Fatherless (Chicken sacrificing Man of Gold) – Frank Bwalya, aka Oval Head, just eat P.F Cash, as you’ve already achieved your bootlicking stone throwing duties to Ba Jona,& got rewarded, despite your poor qualification for the job.
ZAMBIA IS BLEEDING, & GOING IN REVERSE BECAUSE OF ILL QUALIFIED NOISE MAKERS LIKE YOU WHO THINK EVERYONE CAN BE DUPED, LIKE A CHEAP CHITENGE, CHIBUKU LOVING P.F CADRE!
oil prices fluctuate based on a host of factors, most of which are out of Zambia’s control.
the only problem in Zambia is that even when all these factors come into play and oil prices are down and gas prices in most countries are lowered, Zambia will not follow suit.
bottom line is we’ll continue to be screwed by the opec cartel as long as we rely on fossil fuel to power our automobiles
Africa needs a change in its leadership. It has all it needs but leaders always screwing everyone over. Oil should be cheap on the continent. very Cheap.
JOHANNESBURG
THE FUEL PRICE IS GOING UP TO A RECORD HIGH WITH
PETROL IS GOING UP TO R17.08+.
Diesel will cost R15.69 from Wednesday midnight
SA is your gold standard? Its being ruled by people who are as clueless as his excellence Edgar Lungu. Its a sinking boat too. Time will tell. So don’t look up to SA.
Okay, but where is the cheaper fuel from Saudi Arabia?
Cheap Saudi Oil is “NKHANI ZA POCHEZA MU MAZULO” told to Dopey Citizens, & P.F cadres, who believe every fable their Corrupt thieving P.F officials tell them.
These P.F guys were in Saudi solely to cut deals, & launder the proceeds /Kickback’s from illicit deals, but needed a sweet fairytale to explain to the docile, YES I SAID DOCILE ONES, why they were in Saudi.
THE RESULTS ARE NOW HERE FOR ALL TO SEE, NO CHEAP OIL, BUT ONE HUGE REVERSING ECONOMY!
What else do you expect from this government? They have to fill the gap of the misappropriated social cash meant for the marginalized and to pay back donor funds to save face. Social cash transfer program is strategically being sustained and priorities because it will be used as a bet to woo voter come 2021.
The thieves have looted the coffers and now Zambians have to pay the price !!!!! Next they are going to increase Zesco rates !!
This PF Govnt is now useless!!Many of us are very disappointed by Edgar Lungu’s PF.The kwacha is in free fall,Fuel has been increased and prices for everything shall now go up-shocking stuff!!!
Look,ruling people is simple-JUST PLEASE THE VOTERS BY DOING WHAT THEY WANT ON DAILY BASIS!!
While in opposition,PF knew that its middlemen in the fuel chain who cause our fuel to be very expensive.Instead of getting rid of those middlemen,PF leadership have failed to do so simply because these crooks gave them bags of dollars.HEY,A POLITICIAN IS A WORST CREATURE!!!
IN 2021,MANY OF US MAY NOT VOTE SIMPLY BECAUSE WE SHALL HAVE NO OPTION-HH IS NEVER AN OPTION FOR MANY OF US IN 6.5 PROVINCES!!
The author cant be Njimbu !!! FAKE contribution.
This is indeed the real Njimbu!!
It’s now dawning on these P.F Guys /sycophants & they are finally beginning to see the light, & realise when it’s too late, what a bad experiment, & gamble P.F has been for all. They may enjoy crumbs from Ba Jonas table, BUT these same P.F goons are affected as unlike foreigners /Chinese, coz they still have relatives in Zambia.
ANY WONDER WE NO LONGER HEAR FROM CHIEF P.F, SYCOPHANT, MR SMART ZAMBIAN ENTERPRISE B.R MUMBA junior??
Vintu vyavuta. Lungu has failed. How long shall we wait? When houses start to fall? There’s no President or government in Zambia. You cannot have Malawians running your country. Lungu, President; Dr. Msiska, Cabinet; Mwale, Local Government. Then you have ba group 3 ena Kampyongo, Davies Chama, Davies Mwila, Bowman Lusambo, Lubinda, Sichalwe, Simukoko, Freedom Sikazwe, Chalikosa, Milanji, Kampamba, Musukwa, Michael Katambo. All these useless brainless ministers have no degree and some don’t even know how and where fuel comes from. How is it possible that a country with such leaders can manage its resources and counter currency issues? Please Zambians, wake up mwefipuba mwe!!
Prices are determined by competition & not input cost increases per se. Opening of the economy has led to prices stability indicated by constant single digit inflation despite depreciating kwacha & fuel price increases.
Since profit margins are too big in Zambia, rising input costs leads to narrow profit margins than to price increases coz of intense competition now. Chickens prices have been at same cost for last two years. Hire of Dynas & transportation of cargo prices has also flattened due to intense competition despite exchange rate falls & fuel price increases. Bus fares can also be negotiated. UPND doomsayers, your gloating is for nothing.
Look at you mbeba na kolwe, what are you talking about. You have no business in Zed and you analysis is completely off. What high profit margins, if they were high as you stated we will have no problem attracting investors. You even forgot to talk about high costs of doing business in Zambia, you go and open a business their and see how many licenses and fees you will be coughing up every second before you even make your money back. The prices are flattened because people have no money. If PF were able to fix the economy then you can talk about higher fees
If you were in the UK today you can buy the same fuel at 20.34kwacha .
This is equivalent to £1.35 .
The price of petrol in UK and the priminister is not going anywhere.