Energy Regulation Board (ERB) has adjusted upwards the pump price of petrol by K1.30 per litre, while the pump price of diesel and kerosene have remained unchanged.
Announcing the fuel prices for the month of March, ERB Board Chairperson, Reynolds Bowa said the new price of petrol will now be at K28.52 from K27.22, effective midnight March 1, 2023.
Mr Bowa indicated that the pump price for low Sulphur diesel remains at K29.25, Kerosene is also maintained at K22.29 and Jet A-1 at Kenneth Kaunda International Airport remains unchanged at K25.34.
He explained that the increase in the pump price for petrol is attributed to the depreciation of the local currency from an average of K18.90 per one United states dollar to K19.40 representing 2.65 per cent and the increase in the international oil market for petrol from 87.95 United States Dollars per balle in February, to 92.58 United States Dollars per balle for the month of March.
Mr Bowa further said the prices of diesel and kerosene have been maintained because the prices of the products at the international market were 108.96 per balle and Kerosene was 108.66 per balle respectively compared to 106.28 and 106.01 per balle respectively for March representing a decline of 2.45 per cent and 2.44 per for diesel and Kerosene respectively.
‘’The international oil prices remained high during the month of February and the sustained high oil prices are attributed to a combination of factors such as the continued world inflation and recession fears coupled with continued speculation of further Russian oil production cuts,’’ he said.
He stated that the depreciation of the local currency was mainly attributed to low foreign exchange supply especially from the mining sector amidst high demand by market players.
“Furthermore the continued depreciation was caused by tighter global uncertainty in financial conditions and negative sentiments associated with the extended debt restructuring negotiations for Zambia,’’ he explained.