- by Sipilisiwe Ncube on 18 Dec 2017by Mukosha Funga on 18 Dec 2017by Sipilisiwe Ncube on 18 Dec 2017by Zondiwe Mbewe on 17 Dec 2017
- Goal Diggers
- by Daniel Chansa on 18 Dec 2017by Godfrey Dube on 18 Dec 2017by Godfrey Dube on 18 Dec 2017by Diggers Reporter on 17 Dec 2017
- by Mirriam Chabala on 14 Dec 2017by Mirriam Chabala on 13 Dec 2017by Diggers Reporter on 11 Dec 2017by William Chileshe on 8 Dec 2017
- by Mukosha Funga on 16 Dec 2017by Diggers Reporter on 14 Dec 2017by Mukosha Funga on 13 Dec 2017by Mukosha Funga on 12 Dec 2017
- Editor's Choice
- by Diggers Editor on 10 Dec 2017by Diggers Editor on 8 Dec 2017by Diggers Editor on 6 Dec 2017by Diggers Editor on 2 Dec 2017
- Guest Diggers
- by Chibamba Kanyama on 26 Nov 2017by Sishuwa Sishuwa on 18 Nov 2017by Ambassador Eric Schultz on 13 Nov 2017by Sishuwa Sishuwa on 9 Nov 2017
ERB reduces fuel pump pricesBy Sipilisiwe Ncube on 7 Aug 2017
The Energy Regulation Board (ERB) has reduced the wholesale and retail fuels prices effective midnight tonight.
ERB Board Chaiperson Raymond Mpundu announced this at a press briefing today.
“For wholesale prices petrol has been reduced to K6, 542. 49 from K7,254.65; Diesel has been reduced to K6, 356.56 from K7,079.05; and Kerosene has been reduced to K5, 150.73 from K5,525 per cubic litre,” Mpundu said.
“Retail prices per litre; Petrol reduced from K12.50 to K11.67; Diesel reduced from K10.72 to K9.87; and Kerosene reduced from K6.81 to K6.50.”
Mpundu attributed the reduction to a gradual reduction in international oil prices as well as the good performance of the Zambian Kwacha against the United States Dollar.
“Fuel prices in Zambia are largely determined by two factors; international oil prices, and the exchange rate of the Zambian kwacha against the United states Dollar. Notably, the last fuel price adjustment was effected in January 2017. In between, the government has made two importations of both petroleum feedback and finished petroleum products. However, there was no price adjustment effected on those importations as they were both below the trigger threshold of 2.5%,” Mpundu said.
“With regard to the exchange rate, there has been a sustained appreciation of the Kwacha since the last adjustment. For example, in January 2017, the Kwacha traded at K9.60 per US$ compared to just about K9.00 per US$ by midyear of 2017. The strengthening of the kwacha was largely influenced by increases in the international copper prices, companies converting foreign exchange into local currency in order to meet their tax obligations and inflows from offshore investors for the government bond auctioning.”
Mpundu said fuel price adjustments could only be implemented if wholesale prices rose or reduced by more than 2.5%.
“In line with the cost-plus model that is currently used to set fuel prices, the Energy Regulation Board has reviewed the current wholesale and retail fuel prices based on the most recent importation of petroleum feedback and finished petroleum products. The decision to review prices is also in line with the policy guidance that fuel price adjustments will be made periodically as fundamentals that determine them change,” said Mpundu.
“Between the last adjustment and July 2017, there has been a gradual reduction in the price of petroleum products on the international oil market. This has been on account of excess oil supply and fairly high oil inventories. For example, the price of Murban crude oil which is mostly used in Zambia moved from US$56.60 per barrel in March to US$47.86 per barrel in June 2017.”
About Sipilisiwe Ncube
Sipilisiwe Ncube is a Zambian journalist with a background in radio news.
Email: sipilisiwe [at] diggers [dot] news
- Chiefs are dishing out land to Chinese illegally – Kapata - 18 Dec 2017
- Saboi’s defection is healthy for us – UPND - 18 Dec 2017
- New US Envoy pledges support towards electoral reforms - 15 Dec 2017
- I respect Lungu but I will insult him if he wants me to – Musenge - 14 Dec 2017
- PF cadres attack NDC officials at 5fm - 14 Dec 2017
Subscribe for email alerts
Weekly Most Digged
- «December 2017»
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
The News Diggers
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
+26-097-7708285, 095-3424603, 096-5815078
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend