December 31, 2022
Fuel Prices Fall
By Wilson Mulinda-The Energy Regulation Board ERB has reduced the pump prices of petroleum products,effective midnight,1st January 2023.
The Board has reduced the prices by K1.40 ngwee for petrol, 94 ngwee for Diesel and 47 ngwee per litre for Kerosene.
ERB Board Chairperson REYNOLDS BOWA says this means that a litre of petrol will now cost K24.49 ngwee from K25. 89 ngwee representing 5.4% reduction.
Mr. BOWA says low sulphur diesel has been reduced from K27.38 ngwee to K26. 44 ngwee with a 3. 4 percentage in reduction.
Speaking at a media briefing, he said the adjustment has been necessitated by reductions in the prices of petroleum products in the Arab gulf international market.
Mr. BOWA said the fall in oil prices at the end of November was owing to the Central bank’s aggressively raising interest rates to counter surging inflation, triggering fears of a global Economic showdown.
Mr. BOWA said in line with the ERB pricing mechanism, the combined effect in the changes of exchange rates and international oil prices are the key factors of the reduction.
He said ERB will continue with the monthly review of prices in 2023.
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