The Energy Regulation Board (ERB) says the price of Oman and Murban Crude on the international market has reduced to US$86.91 and US$87.95 from US$108.16 and US$110.61 per barrel respectively.
ERB executive director Langiwe Lungu says that this translates into a change of 19.65 percent for Oman and 20.49 percent for Murban for the period of June to October 2014.
Ms Lungu said ERB determines the price of petroleum products using the cost plus model on a cargo-by-cargo basics further stating that the analysis of the latest cargo is under way.
ZANIS reports that the ERB Executive Director said this in a statement in Lusaka today.
She said ERB takes cognizance that stakeholders are anxious in the face of price changes on the international market.
She assured that once the analysis has been completed the findings will be escalated to the ERB Board who will make a decision on the pump price.