• Petrol has reduced by K1.32 per liter, Diesel by K1.22 per liter.
• Kerosene remains unchanged.
• There will now only be one type of diesel sold on the Zambian market
Energy Regulation Board (ERB) has reduced pump price of petroleum products by K1.32 per liter for petrol.
In a statement, the Board said Diesel, which will now be sold as low Sulphur Gasoil/Diesel has been reduced by K1.22 per liter effective midnight of Monday 31st January, 2022 while Kerosene remains unchanged at K15.39.
The Board explained that the price review has been necessitated by the decision to migrate to a monthly pricing review which now entails that the local price of fuel is more responsive to market fundamentals such as international oil prices and Kwacha performance against the US dollar in the month preceding the pricing decision.
“According to market fundamentals for the month of December 2021, international oil prices for petrol and diesel recorded a notable decline with the Kwacha also appreciating against the United States dollar,” it said.
The Board noted that petrol prices declined by 11.56 percent from 96.39 dollars per barrel recorded in October 2021 to 85.25 US dollars per barrel in December, while Diesel prices also reduced by 10.64 percent from 93.27 dollars per barrel to 83.35 dollars per barrel.
Meanwhile, the Board disclosed that following government’s policy decision to place Indeni Refinery on care and maintenance, there will now only be one type of diesel sold on the Zambian market, which is imported Low Sulphur Gasoil/Diesel.
“The ordinary Diesel that was previously produced by Indeni will no longer be available on the Zambian market, resulting in the pricing structure now only providing one price for Diesel.
“With this change, the country is now compliant with international standards where only 50 ppm Sulphur content or less in Diesel (Low Sulphur Gasoil/Diesel) is available on the market and that is consistent with what is prevailing in the SADC region and beyond,” the Board stated.
Petrol will now be selling at K19.84 per litre from K21.16, Diesel K18.93 per litre from K20.15, while Kerosene remains unchanged at K15.39