The Energy Regulation Board (ERB) has announced the decision to maintain petroleum pump prices for the month of December 2023. In addition, the board has introduced a transport cost equalization mechanism to moderate transportation costs associated with petroleum products imported by road.
Reynolds Bowa, Chairperson of the ERB, shared this information during a media briefing held in Lusaka. Bowa emphasized the board’s commitment to implementing measures that mitigate potential adverse impacts on domestic prices during the fourth quarter of 2023.
The transport cost equalization mechanism, utilizing the Petroleum Strategic Reserve Fund, aims to alleviate the financial burden incurred in importing petroleum products by road. Bowa explained that this mechanism would undergo periodic reviews to ensure its relevance, aligning with fluctuations in international oil prices.
According to the ERB’s latest decision, the price of petrol remains at 29 Kwacha 98 ngwee per litre, diesel at 29 Kwacha 96 ngwee per litre, and jet A1 fuel at 29 Kwacha 29 ngwee per litre. The price for kerosene has also been maintained at 20 Kwacha 44 ngwee per litre.
This decision by the ERB is part of its regular monthly revision of petroleum pump prices and reflects the board’s efforts to maintain stability in the petroleum sector while considering economic factors and international market trends. The announcement comes as Zambia navigates the challenges associated with the global energy landscape.