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The Energy Regulations Board (ERB) has maintained the October 2023 pump prices for petrol, diesel, jet A-1 and Kerosene, as it introduces a temporary transport equalisation mechanism.
This measure is meant to cushion the difference between the actual transportation costs incurred by Oil Marketing Companies and the revised transport fees in the ERB cost build-up.
In making the announcement at the media briefing in Lusaka on Tuesday, Board Chairperson, Reynolds Bowa, said the equalisation mechanism was supported by the Strategic Reserve Fund (SRF).
Read more: Petroleum prices hit historic mark, as fuel rises to K29.98, diesel K29.96 per liter
“For the October 2023 price review, the ERB has implemented interim cost line revisions to the transportation rates for petrol and diesel in order to mitigate the adverse movement of domestic fuel prices,” Bowa said.
During the same month, Bowa said a Statutory Instrument No 41 of 2023 was published to support open access.
Further more, TAZAMA published an expression of interest for use of the pipeline for the financial year 2024.
He added that the prices of petroleum products would remain unchanged due to a decline in international oil prices and depreciation of the Kwacha against the United States dollar.
Bowa explained that the prices of fuel for November would therefore, be sold at K29.98 per liter for petrol, diesel would be at K29.96 per liter and Jet A-1 at K29.29 per liter.
Kerosene he said would be sold at K20.44 per liter.
“The prices have been maintained because the movements in the international oil prices and exchange rate of the Kwacha against the United States Dollar, resulted in changes that were below the set threshold of 2.5 percent.
Meanwhile, the price of Kerosene has been maintained on account of sufficient national stock,” Bowa said.
During the review period, he said there were several developments that would have significant positive impact on prices and the supply of petroleum products in Zambia.
He said in September 2023, the government finalized the Tazama Pipelines Limited (TAZAMA) Open Access Guidelines, which would provide for the use of the pipeline by third parties.
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