The Energy Regulation Board (ERB) has announced a reduction in the prices of petrol, diesel, and Jet A1, effective from midnight tonight for the month of March 2024.
According to ERB Board Chairperson Reynolds Bowa, the pump price of petrol has been decreased to K31.12 ngwee from K34.19 ngwee, while diesel will now be sold at K28.78 ngwee from K32.15 ngwee. Similarly, Jet A1 will be priced at K28.23 ngwee, down from K32.69 ngwee.
Mr. Bowa attributed the price adjustments to the significant appreciation of the Kwacha during February 2024, which outweighed the increase in international oil prices. He noted that this led to a reduction in domestic wholesale and pump prices of petroleum products.
Mr. Bowa explained that the Kwacha’s appreciation could be attributed to the Bank of Zambia’s decision to hike interest rates and hold back more funds in reserve.
While the prices of petrol, diesel, and Jet A1 have been revised downward, Mr. Bowa clarified that the price of kerosene will remain unchanged for now. However, he added that this decision will be reviewed in line with the national supply and demand dynamics.
The adjustment in fuel prices is expected to bring relief to consumers and businesses across Zambia, reflecting the ERB’s commitment to ensuring fair and competitive pricing in the energy sector.
Chipante pante Government now operating under pressure…..lets see what happens at the end of March with this Government of deceivers…Government full of lies and deception
kkkkk the pump prices are still the same this morning you can visit any station you will see mmmmmm kkkkkkk
This is the best headline…lowers not reduces….. reduce can only apply if the price is less than 17 kwacha per liter.
This is just SUBSIDISING. They pump money in to help the KWACHA, then they reduce the fuel prices to dupe the people that they are employing economic strategies. Why not just simply subsides. They must be making money somewhere by doing this winded way of subsidising. They run out of ideas a long time ago.