Q FM Africa's Modern Radio
The Energy Regulation Board (ERB) has increased the fuel pump prices effective from midnight tonight.
Energy Regulations Board chairperson Reynolds Bowa says the pump prices of petroleum products has been increased by k2.12 ngwee per litre for petrol and k2.61ngwee per litre for diesel, while the price of kerosene has remained unchanged.
Mr. Bowa says the upward adjustment in prices is inevitable to ensure the sustained supply of fuel to the Zambian market in the short to medium term.
Mr. Bowa has attributed the increase to a steady rise in international prices of petrol and diesel recorded throughout the month of January into February 2022.
He says this has had a major impact on local fuel prices with the price of both imported products rising above the 100 united states dollars barrel mark.
Mr. Bowa says the supply disruptions being experienced on account of the ongoing geopolitical tension between Russia and Ukraine have had an immediate adverse impact on oil prices.
The energy regulations board chairperson says the fuel price reviews will continue to be conducted on a monthly basis.
He says this is to ensure that local fuel prices are reflective of what is prevailing on the international oil markets while taking into account the kwacha-dollar exchange rate.