By ADRIAN MWANZA
Pump prices of petroleum products have been reduced by K1.32 per litre for petrol and K1.22 per litre for diesel.
According to a statement released by the Energy Regulation Board (ERB), the fuel price reduction was necessitated by the decision to migrate to a monthly pricing cycle which now entails that the local price of fuel was more responsive to the market fundamentals namely international oil prices and the Kwacha, US dollar exchange rate prevailing in the month preceding in the pricing decision.
Petrol would now cost K19.84 from K21.16 while Diesel would now cost K18.93 from K20.15 while Kerosene remained unchanged at K15.39 and Low Sulphur Gasoil moved from K22.29 to K18.93.
“Further, following government’s policy decision to place Indeni Refinery on care and maintenance, there will now only be one type of diesel sold on the market and that is imported low Sulphur Gasoil and the ordinary diesel that was previously produced by Indeni will no longer be available on the Zambian market, resulting in the pricing structure now only providing one price for diesel,” the statement read.