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The Energy Regulation Board (ERB) has increased fuel pump prices by an average 11 percent for the month of February, 2023.
The regulator has also assured that the country that it has between 11 and 17 days of fuel reserves excluding those yet to be offloaded and on transit.
ERB board chairperson Reynolds Bowa said the price of petrol has increased by K2.73 per litre to K27.22 representing 11.15 percent as low Sulphur diesel moves to K29.25 from K26.44 per litre respectively.
Bowa said a litre of Kerosene will now cost K22.29 from K19.98 while Jet A-1 at Kenneth Kaunda Airport would now cost K26.55 from January ‘s K25.34 in that order.
He said this during a monthly fuel review briefing for February, 2023 on Tuesday.
Read more:https://www.zambiamonitor.com/make-pricing-template-for-petroleum-products-transparent-and-public-erb-urged
Bowa attributed the upward adjustment to volatile exchange rate which saw the Kwacha depreciating to about 7.33 percent from the last price review as well as the increase in oil prices on the international front.
“In the last price review for January, 2023, the average price of petrol, diesel and kerosene on the international market was US$78.67, US$106.13 and US$ 103.64 per barrel respectively as compared to US$87.67, US$108.96 and US$108.66 per barrel for February, 2023,” he said.
Bowa said the combined effect of the two factors; the exchange rate and international market oil prices necessitated the upward adjustment.
On the other hand, he said the citizenry should not panic about the low reserves as the country has fuel stocks to last between 11 and 17 days excluding transit oil and those about to be offloaded.
“There is no need to panic over fuel stocks in the country, we have 11 days of petrol, 17 days of diesel and kerosene to last for about 17 days also and this is excluding those yet to be offloaded and those tanker on transit ,” Bowa said.
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