BY EDITH MWIINGA
The Energy Regulation Board-ERB has adjusted upwards the pump price of Petrol, Diesel, Kerosene and Jet A-1 by K0.64 Litre, K1.49 Litre, K1.91 Litre and K2.21 Litre respectively.
Speaking at the monthly Fuel Pump Prices Briefing on Monday in Lusaka, ERB Board Chairperson Reynolds Bowa says the main drivers for the changes in petroleum prices are the movements in International oil price and the exchange rate.
Mr.Bowa says the Price of oil on the International Market, between the July 2023 and the current price review for August, 2023 has increased.
He further states that the increase in oil prices is attributed to speculation of potential global supply deficits, adding that this is following the announcement by the Organisation for the Petroleum Exporting Countries and its allies that there will be oil production cuts soon.