Zambians are paying more for fuel after the Energy Regulation Board (ERB) reviewed prices upwards for the month of May.
Following the review, the price of diesel increased to K33.99 per litre from K29.78, kerosene rose to K35.05 per litre from K32.26, and Jet A-1 went up to K37.98 per litre from K34.74. Meanwhile, the pump price of petrol remains unchanged at K27.15 per litre.
In a statement issued by ERB Board Chairperson, the regulator attributed the increase to the continued rise in petroleum product prices on the international market, mainly due to heightened geopolitical tensions in the Middle East.
During the period under review, the price of petrol increased by 5.77%, rising from US$114.51 per barrel in the previous pricing window to US$120.28 per barrel.
Similarly, the price of diesel increased significantly by 23.11%, from US$162.61 per barrel to US$200.19 per barrel, while the price of kerosene/Jet A-1 rose by 17.75%, increasing from US$169.92 per barrel to US$200.08 per barrel.
In the same period, the Zambian kwacha strengthened slightly against the United States dollar, appreciating from K19.44/US$ to K19.16/US$, representing a 1.44% gain.
“This improvement in the exchange rate moderately offset the impact of international oil prices, which would have otherwise resulted in higher domestic fuel prices,” the statement said.
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