FINANCE minister Margaret Mwanakatwe says the fuel hike announced by the Energy Regulation Board was inevitable given the rapid depreciation of the kwacha.
The Energy Regulation Board has adjusted upwards fuel prices effective midnight tonight owing to the weakened Kwacha against the US dollar.
In a statement issued this afternoon, ERB board chairman Raymond Mpundu stated that a litre of petrol has been adjusted by K2.31, from K13.75 to K16.06; diesel by K2.64 from K12.01 to K14.65; and kerosene by K2.49 from K8.85 to K11.34.
Low Sulphur diesel has been adjusted from K14. 30 to K 16.94.
In Parliament, Mwanakatwe told the house that the price hike was inevitable going by the rapid depreciation of the local currency that has moved from over K9 to now close to K13.