By KALOBWE BWALYA
THE Energy Regulation Board (ERB) has adjusted downwards the pump prices of petroleum products for the month of September.
ERB vice Board Chairperson James Banda said the price of petrol which was trading at K23.19 has been reduced to K21.54.
Mr. Banda stated that the price for diesel has also been reduced from K24.87 to K23.12.
He disclosed that kerosene which was fetching at K18.43 is now trading at K16.71.
Mr Banda has attributed the reduction to the trends in the global petroleum prices and the exchange rate of the United States dollars to the Zambian kwacha in the month of August.
He explained petroleum prices continued to decline following economic activity globally due to speculations of a pending recession.
Mr Banda added that during the review period, the Zambian kwacha continued to appreciate which is attributed to increased supply of foreign exchange on the market including positive market sentiments arising from stronger prospects on an IMF deal on debt restructuring.
Mr Banda said the new pump prices are effective midnight of Wednesday 1st September, 2022.
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