KWACHA STRENGTH BRINGS DOWN FUEL PRICES
By Scoop Reporter
THE Energy Regulation Board (ERB) says the recent trends in international oil prices and the performance of the Kwacha against the United States Dollar have necessitated the downward fuel price adjustment.
In line with the monthly pricing cycle which commenced in January 2022, the (ERB) has today revised downwards the fuel pump prices by K2.35/litre on Petrol, KO.58/litre on Diesel and Ko.56/litre on Kerosene.
“In that regard, world crude oil prices recorded a downward trend mainly on account of the drop in China’s demand for oil due to new pandemic restrictions. In addition, during this period, countries with oil reserves intervened by offloading stocks onto the international market.
“Consequently, this helped to relatively stabilise the global prices which averaged US$103/bbl for crude oil and US$133/bbl, for finished products. The Kwacha, on the other hand, recorded marginal gains against the United States Dollar (US$), appreciating from an average of K18.09/US$ at the last price review to an average of K17.38/US$ as at 27″ April, 2022,” reads a statement from ERB.
These prices take effect this mid-night, April 30, 2022.