ERB Chairperson James Banda says the increase to changes in key pricing variables, including international oil prices and exchange rate movements.
“Since the last fuel price review on November 30, 2024, the international price of petrol increased by 3.52%, from US$75.67 per barrel to US$78.33 per barrel,” Mr Banda said.
“Meanwhile, the price of diesel reduced by 0.10% from US$86.19/bbl to US$86.10/bbl and that of kerosene/jet A-1 reduced by 1.39% from US$86.89/bbl to US$85.68/bbl.In December 2024, the Kwacha steadily depreciated against the United States Dollar by 3.08%, from K27.36/US$ to Κ28.20/US$,” he said.
Meanwhile, the prices of diesel, kerosene and jet A-I have not been adjusted because the resultant changes in the wholesale prices were below the trigger band threshold of 2.50 percent.
“Therefore, the prices of diesel, kerosene and jet A-I have been maintained at K32.43/litre, K28.67/litre and K31,49/litre, respectively,” he said.
Banda says the prices come into effect at midnight on 31st December 2024 and shall remain in effect until revised by the ERB.