ERB announces fuel price cuts for October

In a move set to bring relief to consumers, the Energy Regulation Board (ERB) has announced a reduction in fuel prices for October 2024. The new prices, which take effect immediately, reflect a significant decrease across all fuel types.

New fuel prices:

• Petrol: K32.70 per litre (down from K33.47)

• Diesel: K28.90 per litre (down from K30.05)

• Kerosene: K26.95 per litre (down from K27.52)

• Jet A-1: K29.57 per litre (down from K30.53)

ERB Chairperson James Banda explained that the price cuts are a result of a drop in global petroleum product prices observed during September 2024. He said that the reduction is largely driven by a decline in global oil demand, attributed to an economic slowdown in major oil-importing regions.

According to Banda, since the last fuel price review on 31 August of this year, international prices have seen notable decreases. This includes a 7.1% decrease for petrol, 8.72% decrease for diesel, and 7.19% decrease for kerosene and Jet A-1.

Consumers and businesses are likely to benefit from the reduced fuel costs, potentially easing inflationary pressures on goods and services.