The Energy Regulation Board (ERB) has adjusted downwards the pump price of Petrol, Diesel and Kerosene. Petrol has reduced by K3.14/litre to K24.45 from K27.59; Diesel has reduced by K2.77/litre to K21.87 from K24.64 and Kerosene has reduced by K0.73/litre to K19.74 from K20.47.
ERB has also adjusted downwards the retail or Posted Airfield Price (PAP) of Jet A-1 at Kenneth Kaunda International Airport and other local Airports.
Speaking in a press briefing, ERB Board Chairperson Reynolds Bowa said all prices on the international market generally declined in the period under review, adding that the factors that caused the decline of oil prices included the concerns about a looming recession that affected the oil and gas market; while fear of a banking melt down following the collapse of some Western banks also created additional uncertainty.
He notes the effect of the reduction in international oil prices outweighed the effect of the depreciation of the Kwacha against the United States Dollar and has provided for a favourable impact on the domestic fuel prices. Consequently, this has resulted in a downward adjustment in the price of Petrol, Diesel, Kerosene and Jet A-1.
