FUEL PRICES INCREASED BY K4
By Brian Mwale
The Energy Regulation Board -ERB- has increased the prices of fuel by an average of K4.60 effective midnight.
ERB Director Economic Relations ALFRED MWILA attributes the increase to skyrocketing prices of crude oil on the international market by an average of 30-percent from the last increase last month.
He tells ZNBC News in an interview that the Russia – Ukraine War has led to the increase as suppliers of fuel are now dealing with huge demand.
Mr. MWILA said the new petrol prices are now K26.50-ngwee per litre from K21.96-ngwee while low sulphur diesel prices will now be K26.22-ngwee from K21.54 .
Kerosene price has also been increased by K3.93, from K15 .39 per litre to K19.32.
Mr. MWILA said the ERB had to adjust prices in order to have cost reflective prices.
He said maintaining pump prices would have led to importers of fuel failing to do so which would have in turn affected security of supply.
Mr. MWILA said the ERB will continue looking at the 30 day pricing cycle which allows for a shorter window to react to changes on the international market.
He however said prices in the next price review may actually drop depending on the fundamentals at play.