The Energy Regulations Board has announced an upward adjustment in Fuel pump prices effective midnight tonight citing the weak Kwacha and high crude oil prices.
The price of Petrol has increased by 78 Ngwee from K15.20 to 15.98, Diesel by 80 Ngwee from K13.43 to K14.23, Kerosene by K1.68 from K11.34 to 13.02 while Low Sulfur Gas will now sell at K16.52 from K15.72 representing an 80 Ngwee increase.
In a statement issued by ERB Board Chairman, Raymond Mpundu to the media in Lusaka today said the adjustment is based on the review of imported finished petroleum products and petroleum finished cargo.
Mr Mpundu said the government in August imported 99, 983.34 metric tonnes of petroleum Feedstock Cargo and finished petroleum products comprised 34,073.63 cubic meters of petrol and 70,000.52 cubic meters of diesel.
He said the current petroleum feedstock cargo for this price review is for the consignment which docked in August 2019.
Mr Mpundu said from February to August 2019 the Kwacha depreciated while International oil prices continued on an upward trend and the two fundamentals have not been favourable from the last fuel price adjustment in February 2019 up to September 2019.
He said the two effects have therefore had the combined effect of increasing the domestic wholesale and pump price beyond the 2.5 percent trigger band.
Mr Mpundu has since urged members of the Public to report any retail facilities that hoard fuel between now and midnight.
And Mr Mpundu said in view of the recent developments in the Middle east, the ERB is monitoring the situation and shall inform the public if the next cargo imported into the country would be affected by recent attacks on key oil facilities.
We are under siege. The Chinese in Kopola will say no wino wino!
We are in for a ride. Edgar Lungu is complete failure . He does not understand economics. Anyway , what do you expect from someone who stole money from a client and was subsequently disbarred by LAZ?
The problem is these 1mbeciles like no.9 comment by Chanda that would have HH stopped the crude oils producing countries from attacks or whatever. The 3ustard Chanda does not even know that Saudi has increased oil production. Read Bloomberg and any oil market news. They are putting out more than ever as from 21st. And these boomings only occurred a couple of weeks ago so when have we been impacted. These guys are broke with no brains. This is the same home scenario of a hard working rich father dead and leaving wealth to a playing son with no experience. History has 100 percent going broke and becoming destitutes. Live big run out think you can do business when it’s finished. Wear your helmets Zambians
Yaa! budget twapanga yafulungana, items especially food stuffs ‘ll go upwards. I wish workers were paid on time before fuel adjustments
Can the Minister explain this.Just yesterday he was in the news assuring us that there is no imminent price hike looming and that prices will only be increased after current stoke finishes.How does he explain this?Seriously if there was a way PF should have just gone on leave till 2021am sure the technocrats would do a better job. Right now we are just as good as having no leader…sad
WHERE HAVE YOU BEEN ALL ALONG?
Whenever there is a contentious issue, just know whatever P.F tells you, THE OPPOSITE IS THE TRUTH!!!
PF legacy without doubt. “Kunya amenshi muli PF”. Everything is going bad.
When hell breaks loose, this happens when only one candidate was available in Kabwe and vote was done by show of hands…. Future very bleak
This increase in fuel pump prices is and will be a direct adverse factor and a primary cause of Cost Push Inflation to our economy.With the economy expected to grow at less than 3%,inflation will be purely driven by rising production costs as opposed to demand.If not well managed,this kind of situation leads to Stagflation i.e having both Inflation and economic stagnation.
You’ve captured it so well Sharp Shooter.
The increase is too low. Should have adjusted at least by 25% not those tuma 3% or 4%. Lets roll.
there was a time when i warned my friend for being a stupid type of voter who was swayed by things that do not last. but now my dear friend, who choose to behave like the Galatians in the bible, the time for u to swallow your foolishness has come, and to you i say please enjoy the pain, don’t get well soon, may the price of fuel go up again in December, may the humble government again increase electricity as soon as possible.. so that the bemba proverb finally applies to you,,,,ubu chushi bupela amano. please j.k i think we need you to do a dununa reverse performance..am sure you people would like to dance right now…
there was a time when i warned my friend for being a stoopiiid type of voter who was swayed by things that do not last. but now my dear friend, who choose to behave like the Galatians in the bible, the time for u to swallow your foooooolishness has come, and to you i say please enjoy the pain, don’t get well soon, may the price of fuel go up again in December, may the humble government again increase electricity as soon as possible.. so that the bemba proverb finally applies to you,,,,ubu chushi bupela amano. please j.k i think we need you to do a dununa reverse performance..am sure you people would like to dance right now…
THE INCREASE IN FUEL PRICE IS NOT CAUSED BY PF. BUT MAYBE PF IS FAILING TO HANDLE THE INCREASE. ZESCO IS ALSO ASKING FOR 75% INCREASE. ELYO LWANYA. HOW COULD HH HAVE HANDLED THIS ONE? WAS HE GOING TO NEGOTIATE WITH OIL PRODUCING COUNTRIES… I DOUBT.
Your a waste of a name. Saudi Arabia has even increased the oil output as of 23rd than ever. Read your Bloomberg or oil export market daily report
This is just the first of many increments. The fuel price will still go up again before the year end. They just want to do it slowly in stages as they are fearing a backlash from the public if they increase too much too fast since there is also the electricity increase coming coupled with high prices of goods like mealie meal.
Its every were not only in Zambia watch other channel not only Zambia channels
Is it the first time that prices of fuel have been increased in Zambia? Yes, it has never happened during all these 55 years that HH has been in power ruling with his UPND.
ON THE 18TH SEPTEMBER THE ENERGY MINISTER SAID THERE WILL BE NO INCREASE IN FUEL PUMP PRICES ON THE 23RD OF SEPTEMBER THEY INCREASE FUEL PRICES – —— WE CAN NO LONGER TRUST WHAT PEOPLE IN CHARGE SAY.
THEY SAY VOTE TO CHANGE THE CONSTITUTION BECAUSE IT WILL BENEFIT CITIZENS THIS IS ANOTHER LIE IT WILL ONLY BENEFIT THE RULING PARTY !!!!!!!!!!!!!!
I NO LONGER TRUST ANYTHING THEY HAVE TO SAY !
Dununa reverse! We will be eating these roads
Ati hh is a sadist and power obsessed mason. Now please enjoy life under that humble rat while he humbly flies around using your money.
Greetings from chelsea area in London with my blonde white wife
LET’S DO WITH WHAT WE HAVE WHILE WE LEARN SOME LESSON
THE STOCK WHICH THE GOVT HAS IS OLD ONE BUT HOW DOES IT GO UP WHEN ALL THIS TIME IT HAS BEEN PILED UP.THESE ARE PF TRICKS. MIND U PEOPLE ARE BITTER WITH U .THEY ARE JUST WAITING FOR A DAY TO VOTE AND REMOVE U FROM POWER AND WHAT EVER U WILL DO IT WILL HAUNT U.
THE PRICE OF CRUDE OIL HAS NOT INCREASE TO JUSTIFY THIS INCREASE IN ZAMBIA.CRUDE OIL PRICES 2011 – US$11.26, 2012 – US$11.67, 2013 – US$91.13, 2014 – US$98.89, 2015 – US$52.32, 2016 – US$43.74, 2017 – US$54.15, 2018 – US$64.90, 2019 – US$68.58 MAX. THE 2019 FIGURE IS FOR MARCH AND APRIL THE CURRENT PRICE IS US$57.57. WHICH MARKET ARE WE GETTING OUR OIL FROM?
Ba wise man you are not wise. enroll for for a diploma in economics or certificate in business then you will understand what inflation is. international fuel prices are in dollars which has remained stable over a period of time. but your currency ”the kwacha” is what is losing value against the US Dollar hence the uprise in fuel prices. with people like you around, we will keep on putting wrong leaders in power. I think i saw you in the dununa reverse song.
And yet the PF have elected that Edgar should go unopposed at the convention he is the chosen one blah blah blah. these political parties should show fairness by allowing people to stand abd challenge current leaders at their conventions. PF is simply allowing glorified failures to continue being party leaders. Zambia you have the answer to your problems but be wise next elections.
Dununa reverse… enjoy the ride.