Zambia’s energy regulator on Monday announced an upward adjustment to fuel pump prices which comes into effect on midnight Sept. 23, 2019.
The Energy Regulation Board (ERB) said the fuel pump price for petrol has been increased to 15.98 Zambian Kwacha (about 1.23 U.S. dollars) from 15.20 Kwacha (about 1.17 U.S. dollars) while the fuel pump price for diesel has gone up from 13.43 Kwacha (about 1.03 U.S. dollars) to 14.23 Kwacha (about 1.09 U.S. dollars).
In a press statement, Raymond Mpundu, the regulator’s chairperson, attributed the increase to continued depreciation of the local currency and continued rise in international oil prices on the international market.
According to him, the two factors have not been favorable from the last fuel price adjustment in February 2019 up to September 2019 and have had a combined effect of increasing the domestic wholesale and pump prices beyond the 2.5 percent trigger band. Enditem