Zambia’s energy regulator on Monday announced a reduction in fuel pump prices.

The price of petrol has been reduced to 11.67 Zambian Kwacha (about 1.28 U.S. dollars) per liter from 12.50 Kwacha while that of diesel has dropped to 9.87 Kwacha per liter from 10.72 Kwacha, the Energy Regulation Board (ERB) announced in a statement.

The reduction comes into effect from Monday midnight, it added.

The energy regulator attributed the reduction to low crude oil prices on the international market and the strengthening of the local currency.

“In line with the cost-plus model that is currently used to set fuel prices, the Energy Regulation Board has reviewed the current wholesale and retail fuel prices based on the most recent importation of petroleum feedback and finished petroleum products,” Raymond Mpundu, the regulator’s chairperson said in the statement.

The energy regulator hiked the price of fuel pump prices by about 39 percent and diesel by 33 percent in October last year. Enditem

Source: Xinhua/Newsghana.com.gh

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