THE Energy Regulation Board (ERB) has reduced pump fuel prices of petrol and diesel while Kerosene remains the same. Petrol has been reduced by K0.86 from K16.06 to 15.20 while K1.22 has been knocked off from the price of diesel to sale at K13.43 from K14.65. Low Sulphur Gasoil (LSG) has also been reduced from 16.94 to 15.72, representing a K1.22 reduction.
ERB board chairman Raymond Mpundu announcing the adjustments in Lusaka yesterday, said the new prices took effect at midnight.
He said the fuel pump price reduction had been largely influenced by movements in international oil prices and the exchange rate between the kwacha and the United States Dollar.
Mpundu further said the recent amendments to the customs and excise Act also played a role to the reduction.
“This adjustment of pump prices is consistent with government policy to review fuel prices for every cargo which lasts about 60 days taking into account changes in the economic fundamentals at any given time. This price reduction is based on a review of the following cargo; the 100, 689 metric tonnes of petroleum feedstock cargo imported in January 2019 at a cost of US$69.51 million; and imported finished petroleum products supplied to government comprising 28,221 m³ of petrol and 70,493.50 m³ of Low Sulphur Gasoil (LSG) at the total cost of US$62.91 million,” he said.
Mpundu advised the public to report any service station that fails to implement the reduced prices timely through the ERB toll free line 8484.
“Following this reduction in prices, retailers of petroleum products are reminded that failure to effect these changes shall attract regulatory sanctions. Our inspectors shall therefore be dispatched to monitor service stations and ensure that the new prices are implemented timely so that consumers are not taken advantage of,” said Mpundu.