• ERB adjusts downwards pump prices of petroleum products by K1.65 per litter for Petrol.
• The downward adjustment is due to the trends in the global petroleum prices and the exchange rate.
• Petroleum prices continue to decline following the slowed economic activity globally.
Energy Regulations Board (ERB) has adjusted downwards pump prices of petroleum products for September 2022, by K1.65 per liter for Petrol, K1.75 ngwee per liter for diesel and K1.72 ngwee per liter for Kerosene.
Speaking during the monthly fuel review briefing, ERB vice chairperson James Banda attributed the reduction in fuel prices to the trends in the global petroleum prices and the exchange rate of the United States dollar to the Zambian Kwacha in August, 2022.
Mr. Banda said petroleum prices continued to decline following the slowed economic activity globally due to speculations of a recession.
“The international oil market outlook remains mixed and difficult to predict as countries take various responsive measure to the geopolitical tension caused by the Russia and Ukraine war,” Mr. Banda said.
He stated that during the month of August, crude oil prices fell by between 10 and 15 percent.
Mr. Banda further explained that in the month of August, the Kwacha also continued to appreciate on account of increased supply of the foreign exchange on the market including positive market sentiments arising from stronger prospects of the International Monetary Fund (IMF) deal debt restructuring.
“The retail pump prices for September 2022 will be selling at K21.54 per liter for Petrol from k23.19, Low Sulphur Diesel is now at K23.12 from K24.87 while Kerosene is selling at k16.71 from k18.43 effective today September 1st 2022,” he stated.
The new fuel prices are effective today, 1st September, 2022.
