The Energy Regulation Board (ERB) has announced a reduction in fuel prices for October 2024, bringing relief to consumers. The new prices, effective immediately, are as follows: petrol will now sell at K32.70 per litre, down from K33.47, diesel at K28.90 from K30.05, kerosene at K26.95 from K27.52, and Jet A-1 at K29.57 from K30.53.
ERB Chairperson James Banda attributed the price cuts to a drop in global petroleum product prices in September 2024. Banda explained that the reduction is largely driven by a decline in global oil demand, due to an economic slowdown in major oil-importing regions.
He noted that since the last fuel price review on 31st August 2024, international prices for petrol have fallen by 7.1%, diesel by 8.72%, and kerosene and Jet A-1 by 7.19%.
The revised prices are expected to provide some economic relief as the country continues to navigate challenges in the global energy market.
May the downward trend continue…!