By Derrick Silimina
The Energy Regulatory Board has reduced pump prices for petrol to K31.12 from K34.19 while diesel moves to K28.78 from K32.15 recorded on 31 January 2024.
In a statement, ERB Board Chairperson Raynolds Bowa said since the last price review, the international price of petrol, diesel and kerosene increased by 6.64 percent, 4.6 percent and 1.46 percent respectively.
Bowa added that over the review period, the Kwacha appreciated significantly against the US dollar by 14.48 percent and attributed the appreciation to interest rates hike by the Bank of Zambia and directive that commercial banks hold back more funds in reserve.
He further noted that during February 2024, the significant appreciation of the Kwacha outweighed the increases in international oil prices therefore warranting a reduction in the domestic wholesale and pump prices of petroleum products.
“Based on the foregoing, the prices for petrol, diesel and jet A-1 have been adjusted downwards to K31.12/liter, K28.78/liter and K28.23/liter respectively. The price of kerosene has been maintained at K20.44/liter. The changes are with effect from midnight,” Bowa said.
