The Energy Regulation Board (ERB) has officially announced an increase in fuel prices for October 2023. ERB Board Chairperson Reynolds Bowa highlighted the multifaceted nature of fuel price determination, encompassing factors such as global economic conditions and supply and demand dynamics.
These factors interact in a complex manner, leading to fuel prices exhibiting both upward and downward movements in response to changes in these dynamic variables.
This announcement underscores the necessity for transparency and vigilance in monitoring and managing fuel prices to ensure fairness and equity for consumers while maintaining a stable and sustainable energy market.
Effective from October, the price of petrol will experience a modest increase, reaching K 29.98 ngwee per litre, up from the previous rate of K 29.42 ngwee per litre. Diesel prices will also see an upward adjustment, reaching K 29.96 ngwee per litre compared to the previous rate of K 26.88 ngwee per litre.
Importantly, the price of kerosene will remain stable at K 20.44 per litre, while Jet A One, the aviation fuel used at the Kenneth Kaunda International Airport, will be priced at K 29.29 ngwee per litre, reflecting an increase from the previous rate of K 26.46 ngwee per litre.
Chairperson Reynolds Bowa attributed these fuel price adjustments primarily to two significant factors. Firstly, fluctuations in international oil prices have directly impacted the cost of petroleum products in the domestic market. Secondly, the depreciation of the Kwacha against international currencies has exerted upward pressure on fuel prices.
This announcement serves as a reminder for consumers and businesses to remain vigilant and adapt to the dynamic nature of fuel prices in today’s global energy market. It emphasizes the importance of staying informed about the factors influencing fuel costs and their potential impact on various sectors of the economy.