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FUEL PRICES SCALE UP… AGAIN

The Energy Regulation Board (ERB) has revised pump prices of petroleum products, marking an increase in fuel prices.

The prices now stand at K4.54 per litre for Petrol, K4.68 per litre for Diesel and K3.93 per litre for Kerosene.

ERB Board Chairperson Reynolds Bowa said the increase in pump prices is due to the continued strain of global oil supply mainly due to the Ukrainian-Russian conflict.

These developments have heightened the demand for petroleum products and have increased the cost of importation,” Bowa said.

He added that prices of finished products have gone up and continue to trade above USD130 per barrel.

Bowa explained that the impact on the domestic market would have been more adverse had it not been for the resilience and marginal appreciation of the Kwacha against the US Dollar.

Since the commencement of the Russian-Ukrainian conflict, fuel prices have been at a record high and the BBC reported fears for a global economic shock.

Written by Fatima Mawele

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