The Energy Regulation Board has revised downwards the fuel pump prices by K2.35 per litre for Petrol, 58 ngwee per litre for Diesel and 56 ngwee per litre for Kerosene.
ERB Board Chairperson Reynolds Bowa says the price movements have been necessitated by the recent trends in international oil prices and the performance of the Kwacha against the United States Dollar.
Mr. Bowa said world Crude Oil prices recorded a downward trend mainly on account of the drop in China’s demand for oil due to new Covid-19 restrictions.
He added that during this period, countries with oil reserves intervened by offloading stocks onto the international market consequently and this helped to relatively stabilise the global prices.
Below is the full press release