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The petrol pump price for the month of July has increased by 0.48 Ngwee, representing a 1.96 percent rise.
The Energy Regulation Board (ERB) announced this in Ndola on Friday.
Addressing journalists, Board Chairperson, Reynolds Bowa said Diesel pump price remains unchanged, while the price of Kerosene reduced by K1.21 from K19.74 to K18.53.
Bowa said the price changes take effect midnight Friday.
He attributed the changes in fuel prices to the movements in international oil price and the exchange rate, which depreciated in the first week of the month but appreciated steadily towards the end.
“This was attributed to the positive sentiments about Zambia securing a debt restructuring deal,” he said.
Bowa said the future behaviour outlook of the exchange rate was positive and expected to significantly moderate movements that frequently occur.
“For the month of July, 2023 price review, the ERB has also introduced a mechanism to manage exchange rate volatility,” he said.
Bowa said the slate mechanism together with the set 2.5 percent threshold for price adjustment will minimise price fluctuations for consumers and will also manage gains or losses experienced by importers of petroleum products.
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