Fuel reduction too little to trigger impact on consumers
By Staff Reporter
PUBLIC and Private Drivers Association of Zambia (PPDAZ) says the reduction of fuel pump price is too minimal to trigger any meaning impact on the consumers.
The Energy Regulation Board (ERB) yesterday announced reduction of fuel pump prices by 86 ngwee for petrol and K1.22ngwee for diesel effective yesterday.
The new prices are K15.20 for petrol from K16.06, K13.43 for diesel from k14.65 and k15.72 for low sulphur gas from 16.94, while the price of per litre of Kerosene has remained unchanged at K11.34.
Association national trustee Patrict Daka, told NewsDayZambia.com in a phone interview this morning that despite the reduction in fuel pump price bus fares were not expected to be reduced.
“They only reduced 86 ngwee and as an association we are not reducing bus fares,” he said.
ERB board chairman, Raymond Mpundu said the price reduction had been influenced by movements in international oil prices as well as the exchange rate of the kwacha against the US dollars and recent amendments to the Customs and Excise Act.
He explained that after the price adjustment in October 2018, international oil prices significantly dropped from an average of $82.30 in October to $59.50 in December per barrel, and that during the same period, the Kwacha steadily depreciated and stabilized to a monthly average rate of K12 in the fourth quarter of 2018.
Mpundu has since reminded retailers of petroleum products that failure to effect the changes will attract regulation sanctions.
He said that ERB inspectors will begin monitoring service stations to ensure that the new prices were implemented in a timely manner.
