The Energy Regulation Board (ERB) has increased the prices for petroleum products effective mid-night of Monday , October 31st 2022.
The new price for petrol is now costing k24.31 per litre from k22.74, low Sulphur Diesel is now at k27.38 from k26.16, Kerosene has been increased to k19.23 from k16.06 and Jet A-1 fuel has been increased to k21.78 from k20.69 , respectively.
ERB Board Chairperson, Reynolds Bowa announced the adjustment of the pump price of petroleum products and Jet fuel at a press briefing in Lusaka on Monday.
” The world supply is expected to fall as a result of pending European Union ban on Russian crude and oil products and the output cut from the OPEC countries of 2 million per barrel per day, ” Mr Bowa said.
He noted that on the local front, the gradual depreciation of the kwacha against the United States dollars is expected to hold in the medium to short term in view of the expected global recession and in the interest rates especially in western countries.
He also explained that depreciation in the Zambian kwacha has necessitate the increase in the petroleum products and Jet fuel.
Mr Bowa added that during the period under review, the Zambian kwacha depreciated month on month from k15.60 per dollar in September to k15.93 per dollar in October, 2022.
“These are some of the factors which have necessitated the changes in pump prices for petroleum products and Jet fuel among others,” he said.