As of midnight, the Energy Regulations Board (ERB) announced the revision of pump prices for petroleum products in Zambia. The adjustments come as a response to movements in international oil prices and exchange rates, necessitating changes in domestic fuel costs.
According to ERB Chairperson Reynolds Bowa, the new pump prices for August 2023 are as follows:
Petrol: 25 Kwacha 57 ngwee per liter (previously 24 Kwacha 93 ngwee)
Diesel: 23 Kwacha 36 ngwee per liter (previously 21 Kwacha 87 ngwee)
Kerosene: 20 Kwacha 44 ngwee per liter (previously 18 Kwacha 53 ngwee)
Jet A-1: Adjusted by 2 Kwacha 21 ngwee
The price revisions reflect the changes in global oil prices between July and the current review period for August. Chairman Reynolds Bowa highlighted that the international oil market experienced a surge in prices, primarily due to speculation surrounding a potential global supply deficit.
As oil prices are subject to fluctuations influenced by a myriad of factors, the ERB, as the regulatory authority for energy matters in Zambia, conducts periodic reviews to adjust domestic fuel prices accordingly. The latest increase in fuel prices aims to align with the prevailing international oil market conditions and maintain stability within the local energy sector.
Consumers should be aware of the revised fuel prices, and these adjustments could impact transportation costs and overall living expenses. The ERB emphasized the importance of adopting energy-efficient practices and exploring alternative energy sources to mitigate the impact of fluctuating fuel prices on the economy and individual households.
While global oil price dynamics remain unpredictable, the ERB reassured the public of its commitment to transparent and fair pricing mechanisms. The board will continue to monitor oil market trends to ensure the sustainable supply and affordability of petroleum products for the nation.
As Zambia navigates the challenges posed by the international oil market, the ERB encourages citizens and businesses to exercise prudence in fuel consumption and explore greener energy alternatives to minimize reliance on fossil fuels.