Fuel pump prices for October have been reduced, the Energy Regulation Board has announced.
Board Chairperson James Banda announced that petrol would now cost K32.70, diesel was down to K28.70 while kerosene is now pegged at K26.95, and Jet A-1 at K29.57. The changes are from K33.47, K30.05, K27.32, and K30.53 respectively.
The price changes, which take effect at midnight, have been attributed to the fall of international oil prices and the Kwacha’s relative stability in September.
Banda explained that the reduction in international oil prices was mainly because of declining oil demand driven by the slowdown of economic activities in the major oil-importing economies.
“Further, the decline in prices was driven by the decision by the Organization of the Petroleum Exporting Countries (OPEC) to go ahead with increased global output. Meanwhile, there was relative stability of the Kwacha against the United States Dollar mainly attributed to intervention by the Central Bank,” explained Banda.
He said since the ERB’s last review on August 31, the international price of petrol and diesel and had reduced by 7.14% and 8.72% respectively, while kerosene and Jet A-1 had come down by 7.19%.
The Kwacha had in the same period shifted by 1% against the US Dollar.
“The notable fall in the prices of oil on the international market provided a positive impact of lower domestic fuel prices,” stated Banda.
