Fuel pump prices reduced

By Mwila Nsofu

The Energy Regulation Board -ERB- has adjusted downwards the prices of Petrol, Diesel and Jet A1 for the month of March 2024 starting midnight tonight.

The pump price of petrol has been reduced to K31.12 ngwee from K34.19 ngwee, while Diesel will now sale at K28.78 ngwee from K32.15 ngwee.

ERB Board Chairperson, REYNOLDS BOWA says the price of Kerosene will remain unchanged while JET A-1 will sale at K28.23 ngwee from K32.69 ngwee.

Mr. BOWA says during February 2024, the significant appreciation of the Kwacha outweighed the increase in the International Oil prices, warranting a reduction in the domestic wholesale and pump prices of petroleum products.

In a statement to ZNBC News today, Mr. BOWA said that the appreciation of the kwacha can also be attributed to a hike in interest rates by the Bank of Zambia and the decision to hold back more funds in reserve.

He said the decision to maintain the prices of kerosene will be reviewed consistent with the national supply and demand situation.

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