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Zambia’s Energy Regulation Board (ERB) on Tuesday raised fuel pump prices for April after international oil prices surged sharply due to heightened geopolitical tensions in the Middle East and a weaker local currency.
ERB Board Chairperson, James Banda, said in a statement that the adjustments followed steep increases in international petroleum prices and a depreciation of the Kwacha, which exerted upward pressure on domestic pump prices.
International petrol prices rose 62.8 percent to US$114.51 per barrel during the review period, while diesel jumped 91.9 percent to US$162.61 and kerosene/Jet A-1 increased 102.4 percent to US$169.92.
Read more: Zambia cuts fuel prices as Kwacha strengthens
The Kwacha weakened by 0.65 percent against the U.S. dollar, further influencing the price movements.
“Over the same period, the Zambian Kwacha depreciated against the United States Dollar from K19.18/US$ to K19.30/US$, representing a depreciation of 0.65 percent.
“This movement in the exchange rate further exerted an upward pressure on domestic fuel prices. In order to cushion consumers from the adverse impact of sharp increase,” Banda said.
Banda said the government had moved to cushion consumers by suspending excise duty and zero-rating VAT on petrol and diesel for three months from April to June.
Under the revised prices, petrol will increase from K26.61 to K27.15 per litre, diesel from K23.25 to K29.78, kerosene from K21.06 to K32.26 and Jet A-1 from K22.39 to K34.74.
The new prices take effect at midnight on March 31.
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