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The Energy Regulation Board (ERB) has adjusted petroleum prices for August, with petrol rising to K33.47 from K31.58 per litre and diesel increasing to K30.05 from K29.34.
Kerosene now costs K27.52, up from K26.36 and Jet A-1 fuel increased to K30.53 from K29.20 per litre.
In a statement on Wednesday, ERB Board Chairperson, James Banda, attributed the price hikes to rising international petroleum prices and the depreciation of the local currency against major currencies like the United States (US) Dollar.
Read more:Fuel in historical high, as petrol to sell K35.56, diesel K29.60 in May
“In July 2024, the prices of petroleum products on the international market were higher than the monthly average for June 2024 due to increased demand from the summer season,” Banda said.
He noted that the Kwacha depreciated against the US dollars by 8.15 percent in July, from K24.64/US$ to K26.65/US$.
Since the last price review on June 30, 2024, the price of petrol increased by 7.75 percent to US$82.61 per barrel from US$82.24, while diesel rose by 4.55 percent to US$95.87 from US$91.70.
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