Melo News | Wednesday, July 31, 2024 | Lusaka
The Energy Regulation Board (ERB) has announced an increase in fuel pump prices, with petrol rising from K31.58 per litre to K33.47 per litre. Similarly, diesel prices have been adjusted upwards from K29.34 per litre to K30.05 per litre, and kerosene prices have increased from K26.36 per litre to K27.52 per litre.
According to ERB board chairperson James Banda, the adjustment will take effect at midnight. Banda attributed the price hike to the surge in demand during the summer driving season in the Northern hemisphere.
Banda explained that the increase in fuel prices was influenced by higher international market prices for petroleum products in July 2024 compared to the previous month. He cited the rise in demand during the summer driving season and global supply concerns due to geopolitical tensions in the Middle East as contributing factors.
Since the last fuel price review in June 2024, the price of petrol has surged by 7.75 percent. Banda also highlighted that the Kwacha depreciated against the US Dollar by 8.15 percent during July 2024, from K24.64/USD to K26.65/USD.
In light of these developments, ERB has adjusted the prices for petrol, diesel, kerosene, and Jet A-1 to K33.47 per litre, K30.05 per litre, K27.52 per litre, and K30.53 per litre, respectively. Banda reiterated the new prices for each fuel type, emphasizing the changes that consumers can expect at the pump.
