• Currently, the price of crude oil on the international market has moderately gone up to US$113 a barrel.
• This is compared to an average of US$103 a barrel.
• Only the exchange rate can mitigate a possible slight pump price increase.
Energy Forum Zambia has projected a moderate upward adjustment in fuel pump prices in the next monthly price review by Energy Regulation Board (ERB).
Speaking in an interview, Forum Chairperson Johnstone Chikwanda said this is because currently, the price of crude oil on the international market has moderately gone up to US$113 a barrel compared to an average of US$103103 a barrel.
Engineer Chikwanda stated that this is more than the 2.5 threshold set by the ERB for price adjustments.
He observed that the geopolitical tension between Russia and Ukraine has remained high, and the market is still vulnerable, hence the outlook of fuel prices still remains gloomy.
“Only the exchange rate can mitigate a possible slight pump price increase. As things stand, there is a possibility of a moderate adjustment of fuel pump prices upwards,” Engineer Chikwanda said.
Energy Regulation Board (ERB) is expected to announce new fuel pump prices on 31st May, 2022.
On 30th April, 2022, ERB revised downwards the fuel pump prices by K2.35 per litre for Petrol, 58 ngwee per litre for Diesel and 56 ngwee per litre for Kerosene.
