• ERB will maintain fuel prices for June 2022 during the next monthly price review
• Because the factors that determine fuel prices are stable.
• No reason to hike fuel prices at the moment
An Economist has predicted that Energy Regulation Board (ERB) will maintain fuel prices for June 2022 during the next monthly price review of the commodity.
Speaking in an interview with Money FM News, Trevor Hambayi stated that this is because the factors that determine fuel prices which are the exchange rate and prices of crude oil on the international market have both remained stable.
“There is no reason to hike fuel prices at the moment, but that if ERB is to temper with the price, it would reduce by a minimal margin, “he said
Energy Regulation Board (ERB) is expected to announce new fuel prices on 31st May, 2022 in view of the monthly review of prices of Petroleum products.
Last Month, Energy Regulation Board (ERB) reduced the pump price of petroleum products by K1.32 for petrol and K1.22 Ngwee per litre for diesel which is now sold as low Sulphur Gas oil.
ERB Board Chairperson Reynolds Bowa that according to the 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.
Mr Bowa said that the petrol prices declined by 11.56 per cent from $96.39 cents per barrel recorded in October 2021 to $85.25 cents in December 2021.
He explained that the price review had been necessitated by the decision to migrate to a monthly pricing cycle which entails that the local price of fuel is more responsive to the market fundamentals.