Petrol prices have surged to K35.56 per litre, up from K31.12 previously, while diesel prices have increased to K29.60 per litre from the earlier K28.78.
Chairperson of the ERB Board, Reynolds Bowa, explained that the escalation is primarily driven by the uncertainty in oil supply, largely stemming from the ongoing geopolitical tensions in the Middle East. He highlighted a significant rise in international oil prices during the assessed period.
Bowa noted a considerable spike in petrol prices, accompanied by slight increases in diesel and kerosene prices. He attributed this trend to the geopolitical tensions in the Middle East and heightened seasonal demand from major oil-consuming nations, such as the United States, especially in anticipation of the summer driving season.
Compared to the previous fuel price review conducted a month ago, Bowa disclosed that petrol, diesel, and kerosene prices have risen by 6.59 percent, 1.02 percent, and 0.28 percent, respectively. Additionally, he emphasized a notable depreciation of the Kwacha against the United States Dollar (USD) during the same period, averaging at 6.34 percent.
Consequently, the adjusted prices now stand at K35.56 per litre for petrol, K29.60 per litre for diesel, K28.39 per litre for kerosene, and K31.53 per litre for Jet A-1. This reflects an increase from the previous prices of K31.12 for petrol, K28.78 for diesel, K20.44 for kerosene, and K28.23 for Jet A-1.
Main Image: Mwebantu News
