Zambia lifts fuel prices as local currency weakens

Zambia’s energy regulator has said fuel prices will increase from midnight on Monday due to rising international oil prices and the depreciation of the local currency ,kwacha.

The Energy Regulation Board (ERB) said, the pump price of petrol would be increased to 13.75 kwacha or $1.41 per litre from 12.97 kwacha, while that of diesel would rise to 12.01 kwacha per litre from 11.09 kwacha, t

It noted that the price change was effective on Monday the 12th February, 2018 at midnight, adding that the hike would ensure security of supply’‘.

Zambia’s local currency, kwacha is down nearly three percent year-to-date against the dollar, mainly dragged down by a recent slump in global copper prices, the southern African nation’s chief export.

$1 is equivalent to 9.7200 Zambian kwacha

Reuters