||    13 February 2018 @ 11:33

The Energy Regulation Board has increased the pump price of fuel effective last night citing changes in two main variables that influence the price of the commodity. In a statement issued by ERB Board Chairman Raymond Mpundu last evening, he stated that oil prices had increased on the international market whilst the Kwacha had depreciated. “Specifically, from the last price adjustment on 17th October 2017, Murban crude oil prices per barrel increased by 9.04% from US$58.10/bbl to US$63.35/bbl in November 2017, reaching US$64.85/bbl by December 2017. Further, since the last price adjustment in October 2017, the Kwacha has depreciated against the United States Dollar by about 2.15% from an average rate of K9.76/US$ down to the December 2017/January 2018 level between K9.97/US$ and K10.03/US$,” read the statement.

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