ERB increases fuel prices

ERB increases fuel prices
By Chiwoyu Sinyangwe
Saturday August 09, 2008 [10:44]

THE Energy Regulations Board (ERB) has with immediate effect announced an increment in fuel prices in the country. ERB executive director Silvester Hibajane announced in a press release yesterday that the price of petrol has been increased by K1,103 per litre to K9,458 from the previous K8,355 while that of diesel has been increased from K7, 237 to K8,190, representing an increase of K953.

The price for kerosene has also been upped by K641 per litre to K5,745 from the previous K5,104. Hibajane stated that the new pump prices for fuel in the country were based on the current cargo which docked in Dar-es-Salaam on August 3, 2008.

Hibajane explained that the increase in the pump price for fuel had been necessitated by increasing cost of fuel on the international market as well as the continued depreciation of the kwacha against the United States Dollar.

“Oil prices recently reached an all time high of US$147.27 per barrel on the New York Mercantile Exchange in July 2008,” stated Hibajane. “In addition, the kwacha has registered depreciation against the United States Dollar trading at an exchange rate of K3,404 in July, in comparison to the June rate of K3,264.”