Fuel Pump Prices Reduced

THE Energy Regulation Board (ERB )has announced a reduction in fuel pump prices effective midnight.

ERB  vice Board Chairperson James Banda said during a press briefing that petrol which was at K23.91 is now K21.54 Diesel has been reduced to K23.12 from K24.87 and Kerosene which was at K18.43 is now at K16.71.

Mr Banda said th Board adjusted the pump prices of petroleum products downwards by K1.65 per litre for petrol , K1.75 per litre for diesel and K1.72 for Kerosene for the month of September.

He said the reduction in pump prices is due to trends in the global petroleum prices and the exchange rate of the United States Dollar to the Zambian Kwacha in the month of August.

Mr Banda said petroleum prices continued to decline following the slowed economic activity globally due to speculations of a pending recession.

“The international oil market outlook remains mixed and  difficult to predict as countries intake various responsive measures to the geopolitical tension cause by the Russian and Ukraine war.

Further ,during the review period ,the Zambian Kwacha also  continued to appreciate. The continued  appreciation of the kwacha month to month is attributed to increased supply foreign exchange on the market including positive market sentiments arising from stronger prospects of an IMF deal on debt restructuring,” he said.

This article originally appeared on Mwebantu