The price of oil on the international market has crossed the US$60 mark per barrel from US$58 per barrel a month ago.
According to Market Insider monitored by Money FM, a barrel of oil is now costing US$62 22 cents a jump from US$58.
Analysts attribute this hike to disagreements within the ‘Organization of the Petroleum Exporting Countries’ which is a group consisting of 14 of the world’s major oil-exporting nations.
There are two major determinants that influence price of fuel in Zambia which are the depreciation of the local currency and movements of oil prices on the global market.
The Last time oil prices were reviewed by the Energy Regulation Board on 2nd October, 2018 a barrel of oil ranged from $68, $69 and $67 per barrel in the Mediterranean, Arab gulf and Singapore markets respectively.
During that period the one United States dollar was selling at K12 in the last quarter of 2018 currently one dollar is fetching above K13.