The Energy Regulation Board (ERB) has reduced the pump prices of petroleum products by K1.40 per litre.
This means that the fuel pump price for petrol has been reduced from K25.89 per litre to K24.49 per litre.
ERB Chairperson Reynolds Bowa said the price change is effective midnight.
“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 added that based on the fore-going, the following are the determined changes in the national uniform pump prices for January 2023 petrol from K25.89 per litre to K24.49 representing a reduction of K1.40, Low Sulphure from K27.38 to K26.44 Disel Kerosene K20.45 to K19.98 per litre and Jet-1 from K23.23 to 22.63 per litre at KKIA.