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The Energy Regulation Board (ERB) has adjusted downwards the price of petroleum products for the month of July 2024, citing an appreciation in the value of the country’s currency, the Kwacha, as well as a drop in international oil prices.
According to the ERB, the price of one litre of petrol has been reduced from K35.56 to K31.58, and diesel to K29.34 from K31.11.
The price of kerosene and Jet A-1 will now trade at K26.36 from K29.50 and K29.20 from K32.76, respectively.
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ERB Board Chairperson, James Banda, said in a statement on Sunday that the changes were necessitated by the appreciation of the local currency as well as a slight reduction in oil prices on the international market.
“During the period under review, the Kwacha appreciated significantly against the United States Dollar by 7.28 percent, from K26.25 to K24.34 per US dollar,” Banda stated.
He noted that since the price review on May 31, 2024, the average price of petrol was US$82.24 per barrel, while diesel was US$91.70.
On average, the price for both kerosene and Jet A-1 was US$91.49 per barrel, respectively.
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