The Energy Regulation Board -ERB- says it was important for the Board to increase the price of fuel to avoid a loss of sixteen million United States dollars.
ERB Director Economic Regulation Alfred Mwila has justified that the increase in the fuel is to prevent government from incurring a loss of about 16 million dollars.
Mr. Mwila explains that the consignment was procured at a cost of 172 million US Dollars but only 1-hundred and 56 million dollars would have been recovered causing a deficit which would have been paid by government through subsidizing the petroleum products.
He says it is the Board’s duty to ensure fuel procurement and marketing is self-financing because it is not in the budget.
Mr. Mwila however says ERB will continue to review the prices in line with the market fundamentals.
He said this during his presentations to the media in Lusaka.
And Director Technical Regulation Allen Polito said ERB has started fuel marking on the Copperbelt and is expected to move to other parts of the country.
Mr. Polito said Authentix is the company carrying out the fuel marking to monitor adulteration and dumping of the commodity.