ERB increase fuel pump prices

The Energy Regulation Board ERB has announced an increase in the prices of fuel effective today.

The price of Petrol has been increased from 7 Kwacha 60 Ngwee to 8 Kwacha 74 Ngwee per litre while Diesel will now be sold at 7 Kwacha 59 Ngwee from 6 Kwacha 59 Ngwee per litre.

The Price of Paraffin has been increased from 4 Kwacha 69 Ngwee to 5 Kwacha 40 Ngwee per litre.

According to a statement availed to Breeze News by ERB Senior Manager of Consumer and Public Affairs, Fred Hang’andu the adjustment show an increase of 1 Kwacha 14 Ngwee for Petrol, 1 Kwacha for Diesel and 71 Ngwee for Paraffin.

Mr. Hangándu says that the price increase has been sparked mainly due to the volatility of the Kwacha, which resulted in significant depreciation of the Kwacha against the US dollar.

He says that since the last price adjustment in January this year, the Kwacha has ranged between an average of 6 Kwacha 50 Ngwee and 7 Kwacha 42 Ngwee against the US dollar in April.

Mr. Hangándu further explains that during this period the Kwacha reached an all time high of 7 Kwacha 80 Ngwee against the dollar.

He says that the two key factors that determine wholesale pump prices are international oil prices and the domestic exchange rate.

Mr. Hangándu notes that although the international oil prices have remained stable during the period under review, the exchange rate has been volatile.

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