ZAMBIA INCREASES FUEL PUMP PRICE TO STRENGTHEN ITS CURRENCY.
Zambia fuel price increased due to the increasing international oil price to sustain and stabilize its currency
The increase in Zambia’s fuel price is as a result of the rising international oil prices and the deprieciation of its currency, kwacha.
The Energy Regulation Board (ERB) detailed that the pump price will increase to 13.75 kwacha per litre from 12.97 kwacha. Diesel price at 12.01 kwacha per litre rather than 11.09 kwacha.
In addition, another reason for the price increase is to ensure steady fuel supply. The price change was effected on Monday 12th February 2018.
Zambia’s local currency, kwacha reduced by 3% year-to-date against the dollar. This is because of the recent fall in global copper prices, the southern African nation’s chief export.
$1 is equivalent to 9.7200 Zambian kwacha.