• The international pricing for fuel has generally gone down to about US$84 from US$94 a barrel.
• Both commodities are expected to go down.
• Diesel probably by about K2 and petrol by 60 ngwee.

An Oil Marketing Company has projected a drop in prices of diesel and petrol in the month of June by K2 and 60 Ngwee respectively.
Company Managing Director Chomba Gondwe tells Money FM News in an interview that this is in view of the reduction in crude oil prices on the international market.
Mr. Gondwe noted that crude oil prices have gone down to about US$84 a barrel compared to the previous month.
He also observed that the Kwacha’s performance against the United States dollar has been quite stable as the average for this month was the same as that of April, 2023.
“Both commodities are expected to go down, diesel probably by about K2 and petrol by 60 ngwee. The international pricing for fuel has generally gone down to about US$84 from US$94 a barrel, representing a reduction of about US$10.”
“Also the Kwacha has been quite stable, this month the average is almost the same as last month. The parameter Energy Regulation Board uses to set the price is that they get the monthly average, so they will take from the first to the second last day of the month and then divide. If you look at the way the Kwacha has been moving this month, the monthly average will not be so different from what it was last month,” Mr. Gondwe noted.
International Oil prices were steady on Monday with Brent Crude futures slipping 20 cents to US$76.75 a barrel, while US West Texas Intermediate Crude was US$72.58 a barrel, down 9 cents, after the US leaders reached a tentative debt ceiling deal.
Energy Regulation Board (ERB) is expected to announce fuel prices for June 2023 on Wednesday 31st May, 2023.