ERB INCREASES FUEL COST CITING KWACHA DEPRECIATION
The Energy Regulation Board-ERB has announced an upward adjustment to pump prices of petroleum products for the month of November.
Petrol has been hiked by K1.57 per litre and will now be bought at K24.31 from K22.74, while Low Sulphur Diesel which has been increased by K1.22 will now be sold at K27.38 from K26.16.
Kerosene will now fetch for K19.23 after an increase of K3.17.
Announcing the development through a media briefing, Monday Afternoon, ERB Board Chairperson, Reynolds Bowa, attributed the increase in prices to gradual month to month depreciation of the kwacha against US dollar.
Bowa explained that this in view of the global recession and increase in interest rates, resulting in low supply of foreign exchange amidst high demand.
He stated that in the period under review, the Kwacha depreciated by 2.12% from K15.60 in September to K15.93 in October, 2022.
