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The Energy Regulation Board (ERB) has lowered the price of petrol to K24.4 from K27.56, citing a reduction in oil prices on the international market.
Further, the Board reduced the price of low sulphur diesel by 11.38 percent to K21. 87 in June from K24.64 the previous month.
Read more: Fuel to sell for K27:22, as Zambia’s energy regulator, ERB,
Board Chairperson, Reynolds Bowa, said during the monthly price review in Lusaka on Wednesday that the reduction was as a result of a decline of oil prices on the international market.
“Kerosene has also been reduced to K19.74 from K20.47. Jet A1 fuel at Kenneth Kaunda Airports was K22.60 in May but will be K21.64 in June,” Bowa said.
He said Jet A1 at Mfuwe will be selling at K22.85, Harry Mwanga Nkumbula was pegged at K22.45 and K21.64 for Simon Mwansa Kapwepwe Airport respectively.
Bowa stated that the uncertainties arising from concerns of a looming recession that affected oil and gas markets globally contributed to the reduction in fuel pump prices.
He noted that the effect of the reduction of the international oil prices compensated for the depreciation of the Kwacha against the United States (US) dollars.
Bowa noted between April and May, this year, the Kwacha depreciated by 0.49 percent from average K18.47 per dollar in April to an average of about K18.56 in May 2023.
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