Energy Board retains fuel price at K29.98 for petrol; diesel at K29.96 per litre

The Energy Regulations Board (ERB) has for three consecutive price reviews maintained the fuel price citing stability on the international front.

Speaking during the monthly price review in Lusaka on Sunday, ERB Board Chairperson, Reynolds Bowa, said despite the local currency depreciating significantly, the January price would remain unchanged on account of declining oil prices due to a number of factors.

“Therefore, petrol would be sold at K29.98 per litre, K29.96 per litre for diesel and K20.44 for kerosene, while Jet A-1 will remain the same at K29.29 per litre,” Bowa said.

He said the decline was caused by weak oil demand and Angola’s decision to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) among others.

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Bowa said Angola’s withdrawal had given impetus by oil speculators to estimate increased oil supplies as the African country would not face restrictions from OPEC.

On the other hand, he said the price of pump price for kerosene had been unmoved due to sufficient national stock.

Bowa said following the announced equalization mechanism supported by the Strategic Reserve Fund (SRF), about US$1 million was spent in October and US$2 million in the month of November.

He said the figures for December have not been computed.

Bowa said a Statutory Instrument (SI) No 41 of 2023 was published to support open access.

“In the last quarter of 2024 we implemented a transport equalization mechanism which saw US$1million spent in October to support the mechanism, in November more than US$2 million was utilized, December not yet computed waiting for the feedback from oil marketing companies,” he added.

The ERB during the briefing indicated that it would no longer be holding monthly briefings but communicate price decisions through press releases.

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