The Energy Regulation Board (ERB) has adjusted upwards the fuel pump price for petrol from K31.58 per litre to K33.47 per litre.
Diesel has also been adjusted upwards from K29.34 per litre to K30.05 per litre, while kerosene has been increased from K26.36 per litre to K27.52 per litre.
ERB board chair person James Banda says the adjustment is effective midnight.
Banda has attributed the increase to the continued rise in demand emanating from the winner driving season in the Northern hemisphere.
“In July 2024, the prices of petroleum products on the international market were higher than the monthly average for June 2024. The increase was attributed to continued rise in demand emanating from the summer driving season in the Northern hemisphere and global supply concerns due to geo- political tensions in the Middle-East,” he said.
He said since the last fuel price review on June 30th 2024, the price of petrol increased by 7.75 percent.
Banda also explained in a statement that during the month of July 2024, the Kwacha depreciated against the United States Dollar (USD) by 8.15 percent, from K24.64/United States dollar (USD) to K26.65/US$.
“Based on the foregoing, the prices for petrol, diesel, kerosene and jet A-I have been adjusted to K33.47 per litre, K30.05 per litre, K27.52per litre and K30.53 per litre respectively.”
“The prices are petrol from K31.58 to K33.47 per litre, diesel from K29.34 to 30.05 per litre, kerosene from K26.36 to K27.52 per litre and Jet A-1 from K29.20 to K30.53 per litre,” he said.
This fuel issues where by every month there’s reduction then it has been increased it doesn’t make sense.