Africa-Press – Zambia. The Energy Regulation Board (ERB) has adjusted upwards the pump prices of petroleum products by K4.54/litre for Petrol, K4.68/litre for Diesel and K3.93/litre for Kerosene.
ERB Board Chairperson Reynolds Bowa says the increase in pump prices is due to the continued strain in global oil supply mainly due to the geopolitical conflict between Russia and Ukraine that has exerted additional pressure on the already escalating oil prices on the international market. He said these developments have heightened the demand for petroleum products and have increased the cost of importation,
Mr. Bowa explained that prices of finished products on the international markets have gone up steeply and continue to trade above US$ 130/barrel, while on the domestic market, the impact would have been more adverse had it not been for the resilience and marginal appreciation of the Kwacha against the United States Dollar, during the review period.
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