THE Energy Regulation Board (ERB) has increased petrol prices by K1.60 per litre, diesel by K1.18 and kerosene by K2.32 for November, citing rising international oil prices and the depreciation of the Kwacha. Petrol will now cost K33.06 per litre, up from K31.46, while diesel has increased to K34.45 from K33.27. Kerosene has risen to

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THE Energy Regulation Board (ERB) has increased petrol prices by K1.60 per litre, diesel by K1.18 and kerosene by K2.32 for November, citing rising international oil prices and the depreciation of the Kwacha.

Petrol will now cost K33.06 per litre, up from K31.46, while diesel has increased to K34.45 from K33.27.

Kerosene has risen to K32.08 per litre from K29.76, while Jet A-1 has increased by K2.66 to K34.51 per litre from K31.85.

In a statement, ERB Board Chairperson James Banda said the adjustments reflected movements in international oil prices and the exchange rate during the period under review.

“The combined changes in international oil prices and exchange rate were the main drivers considered when setting fuel pump prices for November,” Mr Banda said.

The ERB said international oil prices had generally continued on an upward trajectory due to sustained geopolitical tensions in the Middle East.

It said the average international price of petrol had increased from US$121.58 per barrel to US$125.84, while kerosene had risen from US$144 to US$153.22 per barrel.

However, the average price of diesel declined marginally from US$160.88 to US$154.71 per barrel.

The ERB also attributed the upward adjustment to the depreciation of the Kwacha against the United States dollar by more than three per cent during the review period.

The revised pump prices take effect at midnight and will remain in force until the next monthly review.

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