The Energy Regulation Board has obeyed UPND president Hakainde Hichilema’s ultimatum to drastically reduce the fuel prices following a sharp fall on the international market.
The ERB this morning announced the reduction in fuel prices by about 23 percent effective from midnight Friday 16th January 2015.
ERB has reduced the pump price of petroleum products by K2.29 for petrol; K2.59 for diesel; and K2.08 for kerosene, which translates into 23.13%, 28.22% and 30.76%, respectively.
Last week, Hichilema said there was no justification to keep the price of fuel when the crude oil prices on the international market had been falling.
He said Zambians needed an economic gift from the falling oil prices on the world market.
He said the reduction did not however amount to any increase in economic activities.