THE Energy Regulation Board (ERB) has announced a further reduction in the price of fuel, with petrol now selling at K9.89 from K10.38 while diesel is now pegged at K9.19 from K9.73.
This follows the continuous fall in the price of oil on the international market.
The pump price of petrol has been reduced by 4.72 percent, diesel by 5.55 percent and 6.10 percent for kerosene.
Kerosene is now pegged at K6.77 from K7.21.
ERB chairperson Geoff Mwape told a media briefing in a speech read for him by legal counsel Chimba Mumba yesterday that the cost of the latest oil procurement has fallen by a significant margin, which has triggered a price review.
“The price of petrol has been reduced by a further 0.49 ngwee, diesel 0.54 ngwee and kerosene 0.44 ngwee,” Pastor Mwape said.
He said the prices will be effective at midnight today.
Pastor Mwape said Government is hopeful that if the falling trend in international oil prices is assisted with a stable or appreciating kwacha, the nation is set for more downward price adjustments.
“The next price review will be done after the latest cargo is fully exhausted. It is our hope that the next procurement will be done when international prices are still low,” Pastor Mwape said.
On November 28, ERB effected a price reduction in petroleum products based on the cargo that was procured in August.
He said ERB has a mandate to determine petroleum prices that guarantee full cost recovery for Government as the procuring agent.
“Equally, all stakeholders must operate within a pump price framework that allows them to operate viably with reasonable return on capital employed,” he said.
Pastor Mwape said this will ensure the desired security of supply of petroleum products.
Zambia Daily Mail