Zambia’s energy regulator on Wednesday refuted reports that it intends to increase the pump prices of fuel.
Kasonde Nkole, acting communication officer at the Energy Regulation Board (ERB), said that contrary to reports, the regulator has no immediate plan to raise fuel prices.
She said the process of hiking fuel prices is usually done in consultation with key stakeholders in the industry and is usually based on prevailing oil prices on the international market and on the exchange rate of the local currency against the U.S. dollar.
“It will be recalled that despite changes in fuel prices on the international markets and the depreciation of the Kwacha against the U.S. dollar, the domestic fuel prices have not changed since December 2019,” Nkole said. “This has been made possible through various government policy interventions that most recently resulted in tax waivers to cushion against fuel price increments.” Enditem