The Energy Regulation Board (ERB) in Zambia has raised fuel pump rates, which will go into effect at midnight Tuesday.
Energy Regulations Board chairperson, Reynolds Bowa, said the price of petrol has increased from K19.84 to K21.96 per litre, and the price of diesel has climbed from K18.93 to K21.54 per litre, while the price of kerosene has remained steady.
Bowa stated that price increases are unavoidable in order to assure a steady supply of petroleum to the Zambian market in the short to medium term.
He attributed the increase to a consistent rise in worldwide gasoline and diesel prices from January to February 2022, according to Bowa.
According to Bowa, this has had a significant influence on local gasoline prices, with the price of both imported items soaring past the $100 per barrel barrier.
He noted that supply disruptions caused by current geopolitical tensions between Russia and Ukraine have had an immediate negative influence on oil prices.
Gasoline price reviews will continue to be undertaken on a monthly basis, according to the head of the energy regulations board, in order to guarantee that local fuel prices are representative of what is happening on the international oil markets while taking into account the kwacha-dollar exchange rate.