The Energy Regulations Board has announced an upward adjustment in Fuel pump prices effective midnight tonight citing the weak Kwacha and high crude oil prices.
The price of Petrol has increased by 78 Ngwee from K15.20 to 15.98, Diesel by 80 Ngwee from K13.43 to K14.23, Kerosene by K1.68 from K11.34 to 13.02 while Low Sulfur Gas will now sell at K16.52 from K15.72 representing an 80 Ngwee increase.
In a statement issued by ERB Board Chairman, Raymond Mpundu to the media in Lusaka today said the adjustment is based on the review of imported finished petroleum products and petroleum finished cargo.
Mr Mpundu said the government in August imported 99, 983.34 metric tonnes of petroleum Feedstock Cargo and finished petroleum products comprised 34,073.63 cubic meters of petrol and 70,000.52 cubic meters of diesel.
He said the current petroleum feedstock cargo for this price review is for the consignment which docked in August 2019.
Mr Mpundu said from February to August 2019 the Kwacha depreciated while International oil prices continued on an upward trend and the two fundamentals have not been favourable from the last fuel price adjustment in February 2019 up to September 2019.
He said the two effects have therefore had the combined effect of increasing the domestic wholesale and pump price beyond the 2.5 percent trigger band.
Mr Mpundu has since urged members of the Public to report any retail facilities that hoard fuel between now and midnight.
And Mr Mpundu said in view of the recent developments in the Middle east, the ERB is monitoring the situation and shall inform the public if the next cargo imported into the country would be affected by recent attacks on key oil facilities.