The Energy Regulation Board (ERB) has revised upwards the prices of fuel effective midnight tonight.
Petrol has been increased to sixteen kwacha six ngwee from the current twelve kwacha seventy two ngwee representing a two kwacha thirty one ngwee increment.
Diesel has been increased to fourteen kwacha sixty five ngwee from twelve kwacha one ngwee representing a two kwacha sixty four ngwee.
As for Kerosene, it has been increased to eleven kwacha thirty four ngwee from eight kwacha eighty five ngwee representing a two kwacha forty nine ngwee.
And low sulfur gas has been hiked to sixteen kwacha ninety four ngwee from the current fourteen kwacha thirty ngwee representing a two kwacha sixty four ngwee.
In a statement obtained by Money FM News, ERB Board Chairperson Raymond Mpundu says the increment was necessitated by the high prices of crude oil on the international market and the depreciation of the kwacha against the US Dollar.
Mr. Mpundu says these two factors have prompted the board to increase the fuel prices as without taking any action, government would incur a loss of about US$29.8 million.
