ERB Lowers Fuel Prices

The Energy Regulation Board (ERB) has brought welcome relief to consumers and businesses with an announcement that the prices of both petrol and diesel are being reduced.

The price of petrol has decreased to K31.58 per litre from K35.56 and the price of diesel has fallen to K29.34 per litre from K31.11.

Pump prices for JET-A1 have also dropped from K32.76 to K29.20 and prices for Kerosene are reduced from K29.50 to K26.36.

ERB Board Chairman James Banda attributed the falls to the appreciation of the kwacha against the US dollar in the past month, which resulted from the increased supply of foreign exchange on the local market and was aided by “the positive market sentiments resulting from the successful completion of the third review of the Extended Credit Review Arrangement by the International Monetary Fund (IMF)”.

Banda noted that the price of petroleum products on the international market “generally remained steady during the period under review.”

The price changes came into effect at midnight on 30th June 2024.