Business and Technology

ERB increases fuel pump price

The Energy Regulation Board has increased the fuel pump prices effective from midnight tonight.

ERB Board Chairperson REYNOLDS BOWA says Petrol has been increased by K3.54 ngwee per liter from K17.62 to K21.16 while Diesel has been increased by K4.56 from K15.59 per liter to K20.15.

He says prices of Liquefied Petroleum Gas -LPG- have also been increased by K4.47 while prices of Kerosene have remained unchanged. Mr. BOWA says the increment in fuel prices follows the government’s announcement of the removal of subsidies on fuel so that the country migrates to cost-reflective pricing.

He says the pricing trigger band of 2.5 percent change in wholesale prices will be maintained to allow for price stability within the pricing cycle.

Addressing the media in Lusaka, Mr. BOWA disclosed that the board will start reviewing petroleum prices every thirty days as opposed to sixty days.

Mr. BOWA further warned all oil marketing companies not to hold fuel to create a shortage as this will attract a penalty including revocation of the licenses.

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