Zambia’s Energy Regulation Board (ERB) has increased the fuel pump prices effective from Tuesday 1st March 2022.

Energy Regulations Board chairperson Reynolds Bowa said that the pump prices of petroleum products have been increased from K19.84 per litre to K21.96 for petrol and from K18.93 to K21.54 per litre for diesel, while the price of kerosene has remained unchanged.

Bowa said that the upward adjustment in prices is inevitable to ensure the sustained supply of fuel to the Zambian market in the short to medium term.

Bowa attributed the increase to a steady rise in international prices of petrol and diesel recorded throughout the month of January into February 2022.

According to Bowa, this has had a major impact on local fuel prices with the price of both imported products rising above the 100 united states dollars barrel mark.

Bowa said that the supply disruptions being experienced on account of the ongoing geopolitical tension between Russia and Ukraine have had an immediate adverse impact on oil prices.

The energy regulations board chairperson said that the fuel price reviews will continue to be conducted on a monthly basis and this is to ensure that local fuel prices are reflective of what is prevailing on the international oil markets while taking into account the kwacha-dollar exchange rate.