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.