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The Energy Regulatory Board (ERB) has raised the diesel pump price by K1.21 per liter, bringing it up from K28.90 to K30, while keeping the prices of petrol, kerosene and Jet A-1 unchanged.
ERB Chairperson, James Banda, explained that the prices of petrol, kerosene and Jet A-1 remained stable as changes in wholesale costs were below the 2.50 percent trigger threshold.
He announced this adjustment at a media briefing held on Thursday at the ERB headquarters in Lusaka.
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“Therefore, the prices of petrol, kerosene and Jet A-1 remain at K32.70/Liter, K26.95/Liter, and K29.57/Liter, respectively,” he stated.
Banda attributed the diesel price increase to a 2.59 percent rise in international diesel prices, moving from US$82.39 to US$84.52 per barrel.
Since the last fuel price review on September 30, 2024, international petrol prices dropped slightly by 0.18 percent from US$76.84 to US$76.70 per barrel, Banda noted.
“The relative stability of international oil prices and the exchange rate in October had a minimal impact on some domestic petroleum product prices,” he added.
Banda also highlighted that logistical disruptions had affected petroleum imports, resulting in shortages at approximately eight percent of Zambia’s 617 filling stations.
“These shortages arose due to logistical challenges faced by Oil Marketing Companies in transporting petroleum by road,” he explained, citing issues such as bottlenecks at Mozambique’s Beira port and Zimbabwe’s new customs law requiring a refundable US$24,000 tax per truck.
Banda assured the public that fuel stocks were sufficient to meet the national demand.
“As of October 31, 2024, the country has 32.67 million liters of diesel and 14.17 million liters of petrol across depots and retail sites nationwide,” he confirmed.
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