THE Energy Regulation Board (ERB) has adjusted upwards the petrol pump price by K 0.48 per litre.
The price of Diesel has been maintained while the prices of Kerosene and Jet A-1 have been reduced by K1.21 per litre and K1.29 per litre, respectively.
Making the announcement on the Copperbelt province, ERB Board Chairperson Reynolds Bowa said the main drivers for the changes in petroleum prices are the movements in international oil price and the exchange rate.
He said for the July 2023 price review, the ERB has also introduced a mechanism to manage exchange rate volatility.
“The Slate Mechanism, together with the set 2.5% threshold for price adjustment will minimise price fluctuations for consumers and will also manage gains or losses experienced by importers of petroleum products,” he said.
Mr Bowa said during the review period, the exchange rate of the Kwacha to the United States Dollar generally depreciated in first weeks of the month of June 2023, but appreciated steadily towards the end of the month.
“This was attributed to the positive sentiments about Zambia securing a debt restructuring deal. The future behavioural outlook of exchange rate is positive and is expected to significantly moderate adverse price movements that frequently occur,” he said.
Mr Bowa said the changes are effective at midnight.
