The Energy Regulation Board (ERB) has announced that the pump prices for petroleum products will remain unchanged for the month of September. ERB Board Chairperson, James Banda, confirmed that the prices of petrol, diesel, kerosene, and Jet A-1 fuel will stay at their current levels until further notice.
According to the ERB’s statement, petrol will continue to be sold at K33.47 per liter, diesel at K30.05 per liter, kerosene at K27.52 per liter, and Jet A-1 at K30.53 per liter.
Mr. Banda explained that the decision to maintain the current pump prices is due to minimal changes in the wholesale prices of petroleum products during August. The variations were less than the 2.5% threshold required to trigger a price adjustment.
During the review period, global oil prices saw a decline, while the Zambian Kwacha depreciated against the United States Dollar. The reduction in international oil prices was largely driven by production uncertainties within the Organization of the Petroleum Exporting Countries (OPEC+), unclear global economic conditions, and fluctuating demand forecasts from major oil-consuming nations.
However, Mr. Banda highlighted that the gains from lower international oil prices were offset by the depreciation of the Kwacha against the Dollar. The local currency weakened by 1.88% in August, falling from K26.01/USD to K26.50/USD. This depreciation, coupled with increased import cash premiums for petroleum products, contributed to the decision to maintain pump prices.
“The gains from the fall in international prices were negated by the depreciation in the exchange rate between the Kwacha and the United States Dollar and also the increase in import cash premiums of petroleum products,” Mr. Banda stated.
The ERB emphasized that the current pump prices will remain in effect until any further revisions are made.
We want it at 17 Kwacha per litre. According to Mr HH fuel was supposed to be at ten kwacha per litre but the PF were selling it at 17 Kwacha per litre and pocketed seven kwacha for their party activists.
SA have increased their prices yet we remain the same
something doesnt seem right here
No South Africa is having a very big drop in fuel prices this Wednesday. It is in fact the fourth consecutive month of price falls in Mzansi.
Ba LT naimwe please get an Editor. A serious oen:
“ERB Maintains Petroleum Products For September” ???????