The Energy Regulation Board (ERB) has reduced fuel pump prices by 86 ngwee for Petrol and K1.22ngwee for diesel effective midnight tonight, Thursday,28th February 2019.
The new prices are K15.20 for petrol from K16.06, K13.43 for diesel from k14.65 and k15.72 for low sulphur gas from 16.94,while the price of litre of Kerosene has remained unchanged at K11.34.
Announcing the development during a media briefing, ERB Board Chairman, Raymond Mpundu says the price reduction has been influenced by movements in international oil prices as well as the exchange rate of the kwacha and the United States dollars and recent amendments to the customs and exercise Act.
He has explained that after the price adjustment in October 2018, international oil prices significantly dropped from an average of $82.30 in October to $59.50 in December per barrel, and that during the same period, the Kwacha steadily depreciated and stabilized to a monthly average rate of K12 in the fourth quarter of 2018.
Mr. Mpundu has since reminded retailers of petroleum products that failure to effect the changes will attract regulation sanctions.
He says ERB inspectors will begin monitoring service stations to ensure that the new prices are implemented in a timely manner.
Thank you ba HH
“Why did they reduce the prices. Our Saviour The Delusional Dictator HH said he was going to do it when he becomes president. This is an ICC violation that needs to be reported!”
A good move but realistically speaking more can and should be done on the price. The reduction on the international market and the percentage depreciation of the kwachas relative to the US dollar is still not corresponding to the high price that fuel costs in Zambia. Yes we are better than Zimbabwe but more can be done to reduce the price. Where is Sinkamba to break it down on the various players that contribute to the high cost of fuel in Zambia?
Who said prices can’t be dropped because the stock was bought at higher price?
Such a minister must be a b!tch.
That’s how we run this country … Let’s roll
THE ERB IS A WHITE ELEPHANT WHOSE MAIN PURPOSE IS NOT TO SERVE THE PUBLIC BUT THEIR MANAGEMENT.
A QUESTION SHOULD BE ASKED IN PARLIAMENT ABOUT THE REMUNERATION PACKAGES OF ERB MANAGEMENT:
THE PUBLIC WILL BE SHOCKED.
“He has explained that after the price adjustment in October 2018, international oil prices significantly dropped from an average of $82.30 in October to $59.50 in December per barrel, and that during the same period, the Kwacha steadily depreciated and stabilized to a monthly average rate of K12 in the fourth quarter of 2018.”
Look these shameless liars now they are talking about kwacha and stabilization when world prices have dropped by $30 …The current price of WTI crude oil as of February 25, 2019 is 55.48 per barrel.
Just say they are liars, why rewrite the all f&cking crap? You really amaze me @ JayJay.
Why are you using profanity ….are you drunk already? Do you have a problem with a few figures?
Catapult effect: When the bird sees someone stretching the catapult to hit it, it rejoices thinking the stone has gotten further away but alas to only realise that the stone was pulled backwards temporarily when it’s too late. Kkkk
But they ordered at high price. This midnight reduction and increment must come to an end.
Why they reduce small only?
They are mocking us. You will see screaming headlines in Times and Nation newspapers tomorrow.
Thanks erb,but the reduction is too insignificant and as such the benefit to comon man is almost zero,expecting more reductions relative to the cost per barrel.
Appreciate the price reduction. It is quite huge easily translating to 10 litres more on a full tank of the old price.
Though it is far fetched that Oligarch will pass on the cost reduction of transporting beef from Namwala and Dundumwezi!
Will prices of goods and services relatively reduce?
you cant continue to fool people just wait your turn is coming when you will be done the same. thank you.
This reduction is useless compared to other countries in the sub region! PF are thieves!!!
South Africa – Inland -$0.95/Coast – $0.99
Botswana – $0.84
Lesotho $0.89
Namibia – $0.93
Mozambique – $1.07
Swaziland $1.02
Zimbabwe – $3.34
Zambia – Old price $1.34/L New Price – $1.27/L