Fuel Prices Drop Thanks To Kwacha Performance

The Energy Regulation Board (ERB) has decreased the prices of both petrol and diesel at the pump, leaving motorists elated.

Speaking during a media briefing, ERB board chairperson Reynolds Bowa said the reduction in prices was due to the movements in the price of oil on the international market and the exchange rate between the Kwacha and United States Dollar during the month of July 2022.

The decision made by the ERB has resulted in the price of petrol to drop by K3.56 per litre and the price of diesel to drop by K3.14 per litre.

A reduction in the price of fuel is having a number of positive effects across the country, with the Road Transport and Safety Agency meeting bus operators today to consider a proposed reduction in bus fares.

The Kwacha has considerably stabilised since President Hichilema came into power in August 2021. On 11th August, before President Hichilema came into power, K1 could buy you US$0.055, today, that figure has dramatically risen to K1 buying you US$0.61.