Monday, June 24, 2024

Energy Regulations Board Revises Fuel Prices Amid Global Oil Price Surge

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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.

19 COMMENTS

  1. Now international oil movements have become a reality? When I playback those videos of promises of paradise I wonder how this gentleman feels when he looks in the mirror.

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  2. One of the many UPND’s failures. Good economies don’t experience such frequent fluctuations. Failures blame other factors for their situation. They should learn how others sustained a stable and predictable price of fuel for longer periods. They won’t lose anything by copying from others. It’s annoying when they labour to justify things that don’t make sense

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  3. Oh so some think we independant from the rest of the world
    How interesting, are they still thiniking of fuel subsidies ?

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    • I thought that was your belief when another party was in power. HH was on radio Icengelo explaining why fuel and food were expensive in Zambia, one reason being PF were pocketing the difference between the real prices and actual prices. So now we’re part of the world…. since when?

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  4. When is HH going find that piece of paper where he calculated how much fuel will be costing when he voted in to power? Is the price of mealie meal global also?

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  5. @ Tikki
    Now go tell your Supreme leader HH that leadership is not about me me me me…trying to credit himself for every little thing…its global just remind HH…when he was in opposition he used to blame it on Edgar Lungu…am sure you’ve seen the picture of HH at a gas station and other pictures of HH holding ka small plastic of cooking oil and ka pamela….he was mocking Lungu….now who is he going to mock since he is the one in charge

    • #Tikki Yes it’s going to stagnate because of people who can’t take criticism. Criticism is an eye opener to people willing to learn.

  6. This up down pricing of fuel is really impacting on the cost of commodities, not sure who is benefiting from these swings

  7. Why do you play on the mind of people.Are you telling us to say our country is unstable.Please let not the world prices make our country unstable.Many we are suffering because of your unstable type of leadership.

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