The Energy Regulations board (ERB) has adjusted upwards the pump prices of petroleum products by K4.54/liter for petrol and K4.68/liter for diesel.
ERB Board Chairperson Reynolds Bowa said that the increase in pump prices is due to the continued strain in global oil supply mainly due to the geopolitical conflict between Russia and Ukraine.
Mr Bowa said the developments have heightened the demand for petroleum products and have increased the cost of importation.
He said prices of finished products on the international markets have gone up steeply and continue to trade above $130/barrel.
Mr Bowa said that on the domestic market the impact would have been more adverse had it not been for the resilience and marginal appreciation of the kwacha against the US Dollar during the revive period.
