ERB Announces Fuel Hike
The Energy Regulation Board has increased the pump price of fuel with petrol now fetching K16.06 per litre while diesel is costing K14.65 per litre.
Kerosene will now be sold at K11.43 marking K2.49 upward adjustment.
ERB Board Chairperson said that the price adjustment was driven by market forces.
“It should be noted that the last upward price review was on 12th February 2018, the kwacha. Despite subsequent cargos being assessed, there were no price adjustments on 9th April, 2018 and 15th June, 2018 as the required adjustments were below the ERB set threshold of 2.5 %. Further, the 14th August 2018 price review could not be implemented as there was need to take into account the Saudi Arabia cargo which was due to arrive separately,” he said.
Mpundu said the Saudi shipment had no impact on the overall market.
The increment takes effect at midnight.