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The Energy Regulation Board (ERB) has announced a minor reduction in fuel pump prices for October, driven by a notable drop in international oil prices.
ERB Chairperson, James Banda, stated on Monday that petrol would now sell at K32.70 per litre, down from K33.47 in September, while diesel would drop to K28.90 per litre from K30.05.
In the same statement, Banda noted that the price of kerosene would decrease to K26.95 from K27.52 per litre, and Jet A-1 fuel would see a reduction to K29.57 from K30.53 per litre.
Read More: Fuel prices soar for August, petrol to sell at K33.47; diesel, K30.05
“Since the last price review on August 31, 2024, the international price of petrol fell by 7.14 percent, from US$82.75 per barrel to US$76.84 per barrel, while diesel dropped from US$90.26 to US$82.39 per barrel,” Banda explained.
He further added that kerosene and Jet A-1 fuel also saw a 7.19 percent reduction, with the price for both decreasing to US$83.08 per barrel.
Additionally, Banda highlighted that the Kwacha had depreciated slightly against the U.S. dollar during the period under review, moving from K26.50 to K26.95.
“The decline in international oil prices has led to a reduction in domestic fuel pump prices,” Banda concluded.
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