The pump price for petroleum products has been decreased by K1.40 per litre by the Energy Regulation Board (ERB).
As a result, the cost of gasoline at the pump has dropped from K25.89 per liter to K24.49 per liter.
The pricing change will be in effect as of midnight, according to ERB Chair Reynolds Bowa.
“ERB has reduced the pump prices of petroleum products by K1.40 per litre for petrol, KD.94 per litre for diesel and K0.47 per litre for kerosene. Further, the ERB has adjusted downwards the posted airfield price (PAP) of Jet A-1 at Kenneth Kaunda International Airport (KKIA) by K0.60 per litre. At the last review which yielded the December 2022 fuel prices, the average price of petrol, diesel and kerosene in the Arab Gulf International market was US$94.45/bbl, US$127.60/bbl and US$118.97/bbl, respectively compared to US$78.67/bbl, US$106.13/bbl and US$103.64/bbl, respectively for the current price review,” he said.
Mr Bowa said the movements represent reductions of 16.71 percent, 16.82 percent and 12.88 percent for petrol, diesel and kerosene respectively.
“The fall in oil prices at the end of November was owing to central banks aggressively raising interest rates to counter surging inflation, triggering fears of a global economic slowdown. Additionally, China’s COVID-19 restrictions also diminished demand for finished petroleum products. During this price review period, the exchange rate depreciated from K16.48/US$ to K17.61/US$, representing 6.86% depreciation,” he said.
He continued, “Based on the foregoing, the following are the determined changes in the national uniform pump prices for January 2023 at KKIA: petrol from K25.89 per litre to K24.49, representing a decrease of K1.40; low sulphure from K27.38 to K26.44; diesel kerosene from K20.45 to K19.98; and jet-1 from K23.23 to 22.63.
