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The Energy Regulation Board (ERB) has slightly increased fuel pump prices for February 2025, citing a rise in global oil prices and the continued volatility of the Kwacha.
From February 1, 2025, petrol would now sell for K34.98 per litre, up from K34.67, reflecting an increase of K0.31.
Diesel would be priced at K32.54 per litre, an increase of K0.11 from K32.43.
Kerosene now cost K29.56 per litre, up by K0.89 from K28.67, while Jet A-1 fuel has risen by K1.02 to K32.51 per litre from K32.49.
Announcing the changes, ERB Board Chairperson, James Banda, explained that the adjustments were driven by a surge in global oil prices and the depreciation of the Kwacha against the US dollar.
“Since the last fuel price review on December 31, 2024, the international price of petrol increased by 3.15 percent to US$80.80 from US$78.33 per barrel, while the price of diesel increased by 6.41 percent from US$86.1 per barrel to US$91.64,” Banda said in a statement on Friday.
Read more: Fuel prices soar for August, petrol to sell at K33.47; diesel, K30.05
He also highlighted that the international price of kerosene had risen by 4.59 percent, from US$85.68 to US$89.61 per barrel.
Furthermore, Banda explained that in January 2025, the Kwacha depreciated by 3.08 percent, from K28.36 to K28.62 per US dollar, which further necessitated the price hike.
The fuel price review followed last month’s adjustment on December 31, 2024, and the ERB conducts monthly reviews based on global oil price trends and exchange rates.
With this increase, consumers, particularly in transport and related sectors, will feel the impact of moderate fuel price hikes starting in February, 2025.
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