• This has been necessitated by the decline in international oil prices from the last fuel price review on 31st October, 2023.
• The decline was mainly caused by speculation about projected global over supply of oil.
• Energy Regulation Board has therefore maintained the pump prices of Petrol, Diesel, Jet A-1 and Kerosene.

Energy Regulation Board (ERB) has again maintained fuel pump prices for December at K29.98 and K29.96, K20.44 and K29.29 ngwee per litre for diesel, petrol, Jet-A1 and Kerosene respectively.
Speaking at a media briefing, Board Chairperson Engineer Reynolds Bowa said the decision has been necessitated by the decline in international oil prices from the last fuel price review on 31st October, 2023.
Engineer Bowa however noted that the benefit of declining international oil prices was canceled by the weakening of the Zambian Kwacha, during the price review period, which depreciated by 6.77 percent.
“During the period under review, international oil prices declined. The decline was mainly caused by speculation about projected global over supply of oil following the re-commencement of exports by Russia. The decline in prices was also caused by the build-up in domestic stocks in United States and China which slowed down international oil trading and demand.”
“Notably, from the last fuel price review on 31st October, 2023, the price of petrol, diesel and kerosene on the international market, declined by 1.72%, 9.75% and 7.49% respectively,” Engineer Bowa noted.
He added that to mitigate the possible adverse effects on domestic prices, the ERB in the fourth quarter of 2023, implemented a mechanism to support and moderate the transport costs incurred on petroleum products that are imported by road.
Engineer Bowa stated that the transport cost equalization mechanism that uses the petroleum Strategic Reserve Fund (SRF) will be reviewed for relevance, consistent with the movement in international oil prices.
“The Energy Regulation Board has therefore maintained the pump prices of Petrol, Diesel, Jet A-1 and Kerosene. The prices in December for Petrol, Diesel, Jet A-1 and Kerosene, K29.98, K29.96, K29.29 and K20.44 per litre respectively.”
“The prices have been maintained because the changes in the two fundamentals that determine domestic prices of fuel, that is international oil prices and exchange rate of the Kwacha against the US dollar resulted in changes in the domestic fuel prices that were below the set threshold of 2.5 percent. Meanwhile, the price of Kerosene has been maintained of account of sufficient national stock,” he stated.
And Engineer Bowa said Angola does not have sufficient refining capacity to produce excess refined oil for sale and export to Zambia and other countries.
He however observed that Angola is currently investing in a large capacity refinery to be constructed in the near future and Zambia has expressed interest to co-invest in the facility.