Zambia raises fuel prices on oil price hike, depreciation of local currency

Zambian consumers will pay more for fuel at the pump from midnight Tuesday, the Energy Regulation Board (ERB) said.

The decision to raise the price of fuel was made following an 8.72 percent increase in international oil prices and a 5.04 percent depreciation of the local currency.

The price of petrol was raised to 12.97 kwacha (about 1.34 U.S. dollars) per liter, from 11.67 kwacha, and that of diesel, from 9.87 Kwacha to 11.9 kwacha.

The energy regulator would continue to monitor developments in exchange rates and international oil prices, ERB vice chairman Ngande Mwanajiti told a press briefing.

The ERB would only adjust fuel prices every 60 days when there were changes in wholesale prices, he said. Enditem

Source: Xinhua/NewsGhana.com.gh