ERB announces an upward adjustment of pump price of fuel

The Energy Regulation Board ERB has adjusted the fuel wholesale and pump prices upwards for petroleum products effective 24 hours tonight.

Speaking during a press briefing, ERB Board Chairperson Reynolds Bowa has disclosed that the price for petrol has been adjusted from K17.62 to K21.16 with absolute variance of K3.54, Diesel prices have been increased from 15.59 to 20.15 with an absolute variance of K4.56. Meanwhile Kerosine has remained constant at K15.39.

Mr. Bowa says LSG prices will increase from K17.82 to K22.29 with absolute variance of K4.47.

He notes that going forward, beyond this price adjustment, the ERB will start reviewing petroleum prices every thirty days as opposed to sixty days.

Mr. Bowa further says that the pricing trigger band of 2.5% change in wholesale prices will be maintained in order to allow for price stability within the new pricing cycle.

Mr. Bowa has since warned oil marketing companies that are against license conditions to hoard fuel which attracts a penalty including revocation of the license.