Q FM Africa's Modern Radio
The Energy Regulation Board (ERB) has effected a minimal reduction in fuel pump prices with effect from midnight 28th November.
Crude oil prices on the international market have been on the decline since the second quarter of 2014.
According to the announced reduction in pump prices, a litre of petrol will now cost K10.38 from K10.63 representing a reduction of 25 ngwee, a litre of diesel will now cost K9.73 from K10.01 representing a reduction of 28 ngwee, while a litre of kerosene will now cost K7.21 from K7.48 representing a reduction 27 ngwee.
The statement further states that wholesale prices of petroleum products have been reduced by 3.66%.
The EBR attributes the reduction in fuel prices to the obtaining trend on the international market were crude oil prices have been on a decline since the second quarter of 2014.
It however says the exchange rate of the Kwacha against the US Dollar depreciated since the last price adjustment in April 2014 by 6.8% from K5.9 per US Dollar to K6.3 per US Dollar by mid-November 2014.
The ERB further states that the Kwacha depreciation alone would have triggered an upward adjustment in pump prices.
It however says this has been partially moderated by the fall in international oil prices during the same period.