ERB hikes fuel prices

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The Energy Regulation Board-ERB- has increased the pump price of petroleum products effective midnight.

The cost of Petrol has increased by One Kwacha 14 ngwee while diesel has gone up by One Kwacha.

Kerosine prices has risen by 71 Ngwee while low sulphur will now be 99 ngwee more.

 

ERB Chairman, Geoff Mwape announced this in a statement to ZNBC news in Lusaka on Tuesday.

Pastor Mwape said the price adjustment is mainly due to the volatility of the Kwacha which resulted in significant depreciation of the Kwacha against the US dollar.

He said since the last price adjustment in January this year, the Kwacha has ranged between K6 and K7 in April.

 

He said during the last adjustment in January 2015, the ERB reduced pump prices for petrol by K2,29, K2.59 for diesel and K2.08 for kerosene.

Pastor Mwape explained that the periodic price adjustments are essential to ensure there is full cost recovery in the supply chain.

 

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