Fuel prices will go up in Zambia at midnight, in the next few hours.
And panic buying has gripped Lusaka and other parts of the country.
The Energy Regulation Board has announced an increase… in fuel pump prices by 7.22 % for petrol, 8.75% for diesel and 9.54% for kerosene starting tonight, Thursday April 17, 2014.
ERB Board Chairperson George Chabwera said in a statement Thursday afternoon that one litre of petrol will now cost k10.63 ngwee from k9.91 ngwee, while a litre of diesel will now cost K10.01 ngwee from K9.20 ngwee.
Chabwera says the increases have been necessitated by the depreciation in the exchange rate of the Kwacha.
According to Chabwera, pump prices are determined based on the cost of cargo and the exchange rate of the kwacha to the United States dollars, and that if the prices did not change, a significant loss would be incurred on the shipment of the feedstock for the refinery.