PF increases fuel prices again

The PF regime, through the Energy Regulation Board has increased the pump price of fuel effective midnight tonight claiming changes in two main variables that influence the price of the commodity.

ERB Board Chairman Raymond Mpundu stated that oil prices had increased on the international market whilst the Kwacha had depreciated.

“Specifically, from the last price adjustment on 17th October 2017, Murban crude oil prices per barrel increased by 9.04% from US$58.10/bbl to US$63.35/bbl in November 2017, reaching US$64.85/bbl by December 2017. Further, since the last price adjustment in October 2017, the Kwacha has depreciated against the United States Dollar by about 2.15% from an average rate of K9.76/US$ down to the December 2017/January 2018 level between K9.97/US$ and K10.03/US$,” read the statement.

“Of the two fundamentals, the International oil price has been the most volatile and is the key driver for this price adjustment. Notably, prices have been remained stable since October 2017. Therefore, it has been five months since the ERB last adjusted the pump prices. It should be noted that in order to ensure cost recovery following the removal of subsidies on fuel prices, and the policy of periodic reviews of fuel prices, the Board has determined that prices be revised as follows: Petrol from K12.97 to K13.75, Diesel K11.09 to K12.01, Kerosine K7.82 to K8.85 and LSG K13.38 to K14.30.”

Mpundu said that the price increase is based on the current cargo.

“The price adjustment of less than K1.00 per liter for all the petroleum products except Kerosene is inevitable in order to maintain the security of supply. The ERB will endeavor to work jointly with other stakeholders to explore avenues for maintaining price stability and possibly lower prices whilst maintaining price recovery,” stated Mpundu.

COMMENTS

WORDPRESS: 8
  • comment-avatar
    Mango 1 week

    Zambia is the second largest Cobalt producer in the world after DRC. Prices of cobalt tripled since the beginning of 2016 because of huge demand from electric car makers who use cobalt for batteries. So copper plus cobalt mining should generate very handsome income for Zambia and its citizens. Where is the money? How much of that income stays in Zambia , and how much of it goes to foreign countries? These are more important issues to investigate than fuel cost increase.

  • comment-avatar

    katwishi pakuti 2021 ifike

    • comment-avatar
      Dominic 1 week

      South Africa increased their prices last week citing increase in crude oil prices.Maybe PF is also ruling in South Africa.

      • comment-avatar

        No.. but south Africa is corrupt that’s why they are calling for Zumas resignation… may be we should also do that.

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    ANTONIO MWANZA,SUNDAY CHANDA de two crookes is this HH,CK,NAWAKWI,MULONGOTI,SC,MILUPI,N MUMBA,CHIPIMO who r increasing fuel prices o its yo PF n its government,ka A Mwanza u r saying UPND supporters think is a god,young man.people in PF r de ones who think E.C.LUNGU is god,he evn hv his own christians.called christians for lungu bena D.Pule,P.Ndhlovu,P.Mwanza,J.BANDA de list is endless so who is woshiped betwin de 2.yo propaganda wil not work young man.us for Sunday Chanda yo thinking is vry low u saying opposition political party leaders hv no issues to talk about wat real issues do u want them to talk about?u want them to priz yo leader n government wen de truth is dat de masses r suffering bcoz of PF yo party in government no way my dear,he confessed by himself dat people cn steal bt steal a bit dont finished evrything,UBOMBA MWIBALA ALYA MWIBALA dats wat de president said he evn said ati bt MWIALYA NE MBUTO meaning u should eat from de field u work from eat anything bt dont eat de seed dats PF bwana

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    lu 1 week

    i strongly feel ERB is a scam, if not, what are those technocrats for, if we could have them to hike fuel as the job than finding better sources of an affordable prices around the world.sham on the idle board.

  • comment-avatar
    St. Andrews 1 week

    Its unfortunate that these prices affect a common man.These Idiots (President Lungu and His minister) dont even buy fuel.

  • comment-avatar
    REX TEMBO 1 week

    DUNUNA REGRET…IMBWA SHABANTU BA PFOOLS!!!