Q FM Africa's Modern Radio
The Energy Regulation Board (ERB) has revised the pump price for petrol upwards by 80 ngwee per litre, while prices of diesel and kerosene remain unchanged.
The price changes take effect midnight of Tuesday, 31st May, 2022.
ERB Board Chairperson Reynolds Bowa says since the last price review, the average international price of the three petroleum products generally increased from US$133 per barrel in the month of April to US$139 per barrel in the month of May.
Mr. Bowa says specifically, Petrol prices increased by 8.9%, while Diesel and Kerosene rose by 3.3% and 1.4%, respectively.
Speaking at a media briefing, Mr. Bowa says the comparatively higher increase in the Petrol price is attributed to the seasonal rise in demand for Petrol in the Western countries as the summer holiday season commences.
He adds that during the period under review, the Kwacha appreciated by close to 2% against the United States Dollar to an average of K17.00 per US dollar since the last price review in April 2022.
Mr. Bowa states that the variances in computed prices for Diesel and Kerosene were within the set trigger band of 2.5%.