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ERB reduces fuel prices for August

• The Kwacha appreciated by over 3 percent in July from an average of K17.02 per US dollar to K16.45.
• Favorable oil prices on the global market are as a result of increased fears of anticipated global recession.
• Petrol will be selling at K23.19, Low Sulphur Diesel K24.87 and Kerosene at K18.43.

Energy Regulation Board (ERB) has adjusted downwards prices of petroleum products for the month of August 2022, by K3.56 per liter for petrol, K3.14 ngwee per litre for diesel and K2.84 ngwee per liter for kerosene.
Speaking at a media briefing, ERB Board Chairperson Reynolds Bowa attributed the reduction to favorable performance of the Kwacha and reduced crude oil prices on the international market in the month of July, 2022.
Engineer Bowa said the Kwacha appreciated by over 3 percent in July from an average of K17.02 per US dollar to K16.45, adding that the favorable oil prices on the global market are as a result of increased fears of anticipated global recession.
“At the last review which yielded the July 2022 fuel prices, the average price of finished products on the international market was US$157.49 per barrel compared to US$134.98 per barrel for the current price review. The movements represent an average decline of US$22.51 per barrel or 14.29% in prices.”
“The decline in international oil prices is mainly attributed to increased fears of anticipated global recession, which has triggered interest rate hikes in major economies, the Covid-19 lockdown measures in China that have slowed global demand, and the continued geopolitical tension in Russia/Ukraine conflict where countries that have continued to be supplied oil by Russia have eased down on panic buying,” Engineer Bowa stated.
He further attributed the appreciation of the Kwacha to the continued intervention by Bank of Zambia to supply Foreign Exchange in the market and the positive market sentiments regarding national debt relief restructuring.
According to the new prices, petrol will be selling at K23.19 from K26.75, Low Sulphur Diesel K24.87 from K28.01, and Kerosene will now be sold at K18.43 from K21.27.

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