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Fuel consumers will in the month of May be subjected to historical high fuel pump prices as Energy Regulations Board (ERB) hike the commodity as result of volatile Kwacha and raised international oil prices.
Petrol will from mid-night tonight move by K4.44 to K35.56 per litre as diesel is hiked to K29.60 per litre from K28.78 respectively.
According to ERB, kerosene which had been kept at bay for more than three months without any price movement jumped the highest to K28.39 from K20.44 in April, 2024, representing K7.95 jump.
The aviation industry will also pay more by K3.30 as Jet A1 moves from April’s K28.23 to as high as K31.53 per litre in the month of May.
Read more: Petroleum prices hit historic mark, as fuel rises to K34.19, diesel K32.15 per liter
In a statement made available to Zambia Monitor on Tuesday, ERB Board Chairperson, Reynolds Bowa, observed that in the period under review, the prices of oil on the international market increased.
“In the same period there was noted increase in the price of petrol while diesel and kerosene experienced marginal increases. The overall increase in oil prices was largely driven by supply uncertainty following the geopolitical tensions in the Middle East,” he noted.
Bowa also attributed the hike in fuel pump prices to the Kwacha which he said significantly depreciated against the United States dollar during the month under review.
On average, he said the exchange rate depreciated by 6.34 percent mainly as a result of corporate demand of the US dollar against limited supply during the period under review.
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