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Zambian motorists will now purchase petrol at K28.52 per litre following an increase of 5.27 percent pegged by the Energy Regulation Board.
Making an announcement at the media briefing in Lusaka on Tuesday, ERB stated that petrol will now be fetched at K1.30 higher than the February price.
Reynolds Bowa, Board Chairperson, announced a movement of 5.27 percent for petrol and a decline of 2.45 percent and 2.44 percent for diesel and kerosene respectively.
Bowa indicated that the price of petrol has been increased by K1.30 to K28.52 per litre for the month of March.
The price for Sulphur diesel, kerosene and Jet A-1 remains at K29.25,K22.29 and K25.34 respectively.
He attributed the surge in pump price of petrol to the Kwacha depreciation and the general increase in oil prices on the international market.
Bowa said a decision had been made to maintain the retail price of Jet A-1 at Kenneth Kaunda International Airport and other airports in the country.
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He said in the previous price review for February that the average prices of diesel, petrol and kerosene on the international market were US$ 87.95 per barrel, US$ 108.96 US$108.66/bbl respectively.
This was compared to US$ 92.58, US$106.28 and US$106.01 for the month of March fuel price review.
“During the month of February, the local currency depreciated from an average of K18.90 per United States Dollars to K19.40, representing 2.65 percent, Bowa said.
He added that the depreciation was mainly attributed to low foreign exchange supply, particularly from the mining sector, amidst high demand by market players.
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