Zambia News

Fuel costs at the pump rise

THE Energy Regulation Board (ERB) has raised the price of gasoline, diesel, and kerosene at the pump by K2.73, K2.81, and K2.32, respectively.

The posted airfield price (PAP) for Jet A-I at Kenneth Kaunda International Airport has also been increased by K2.71 per litre by the ERB.

ERB board chair Reynolds Bowa said during the monthly price review that the increase in the price of gasoline, diesel, kerosene, and jet A-I, all of which were above the 2.50 percent wholesale price trigger band, was caused by the exchange rate and global oil prices.

“During this price review period, the exchange rate depreciated from K17.61/US$ to K18.90/US$, representing 7.33%. The depreciation was mainly attributed to extended timeline  in the discussions to restructure the external loans, resulting in reduced supply of foreign exchange on the market against increased demand,” he said.

The price adjustments will go into effect at midnight, according to Engineer Bowa.

The board, meanwhile, has denied allegations of a widespread petroleum scarcity and added that two oil marketing businesses were having trouble getting the product to customers.

According to him, a board inquiry into 190 service stations around the nation showed that the companies had issues with gasoline.

However, he gave the country his word that the board had written to the corporations and that the issue would be addressed.

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