(ZANIS)-The Energy Regulation Board (ERB) has reduced the pump prices of diesel and kerosene by K1.64 and K1.82 respectively while the price of petrol has remained unchanged.
Announcing the monthly price reviews today, the ERB reduced the pump price of diesel from K26.28 to K24.64 while Kerosene will now be sold at K20.47 from K22.29.
ZANIS reports that the ERB said the petrol pump price will remain at K27.59, for the month of May, 2023.
Announcing the petroleum price adjustments in Lusaka, ERB Board Chairperson Reynolds Bowa disclosed that the price of Jet A had been reduced from K25.34 to K22.60 at the country’s two largest airports.
Mr. Bowa attributed the price reductions to favourable changes in the exchange rate and decline in international oil prices impacting favourably.
Mr. Bowa noted that the Kwacha had appreciated due to increased inflow of foreign exchange resulting from positive market sentiments and outlook adjustments due to positive debt restructuring discussions.
He stated that increased supply of oil on the international market has led to reduction in the prices as well on the Zambian market.