The Energy Regulation Board (ERB) has lowered the price of diesel to K24.64 from K26.28 due to the appreciation of the Kwacha and a reduction in the cost of fuel on the international market.
The Board has further maintained the price of petrol for the month of May at K27.59 per litre.
Addressing journalists in Lusaka on Sunday, Board Chairperson, Reynold Bowa, said the price of diesel and kerosene has reduced by K1.64 to 24.64 and K1.82 to 20.47 per litre respectively.
Jet A-1 moves to K22.60 from April’s K25.34 per litre at Kenneth Kaunda International Airport (KKIA).
At Mfuwe, Jet A-1 will be sold at K23.82, Harry Mwanga Nkumbula the cost of Jet A-1 is K23.41 and K22.60 at Ndola’s Simon Mwansa Kapwepwe International Airport respectively.
“The ERB has further adjusted downwards the retail or Posted Airfield Price (PAP) of Jet A-1 at KKIA and other local airports,” Bowa said.
He attributed the development to reduced oil prices on the international market, as well as the stronger Kwacha in the period under review.
In the previous April review, he said the average prices of petrol, diesel and kerosene on the international market were US$89.60 per barrel, US$98.83 and $96.04 respectively.
This is compared to US$93.04, US95.22 and US$92.72 for petrol, diesel and kerosene respectively for the May,2023 fuel review.
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Bowa said the movements represent an increase of 3.84 percent for petrol and reductions of 3.61 and 3.46 percent for diesel and kerosene, respectively.
He also attributed the changes in the fuel pump prices to the exchange of the Kwacha to United States Dollar, which appreciated by 10.47 percent from an everage of K18.47/US$ in April, 2023.
“The combined effect of the reduction in international oil prices and the appreciation of the Kwacha against the US dollar has provided for a favourable impact on domestic fuel pump prices,” Bowa said.
He said this has resulted in a downward adjustment in the price of diesel, Jet A-1 and kerosene which were above 3.50 percent wholesale price trigger band.
However, Bowa said the price of petrol had been maintained because the wholesale price movement was within the 3.50 percent trigger band threshold.
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