LUSAKA: Zambian consumers will pay less for fuel at the pump from Monday midnight after the nation's energy regulator cut retail prices owing to a lower crude price and stronger local currency.
The price of petrol was reduced to 11.67 Zambian kwacha ($1.28) per litre from 12.50 kwacha, while the cost of diesel dropped to 9.87 kwacha per litre from 10.72 kwacha per litre, the Energy Regulation Board said in a statement.
"Between the last price adjustment and July 2017 there has been a gradual reduction in the price of petroleum products. With regard to the exchange rate, there has been a sustained appreciation of the kwacha," the regulator said.
Africa's No.2 copper producer last cut retail fuel prices in January, citing subdued oil prices and a stronger kwacha currency.
In October last year, Zambia hiked the retail price of petrol by nearly 39 percent, while the price of diesel was increased by 33 percent.
Comments
Comments are closed for this article.