Fuel price hiked

Fuel prices have been hiked by an average of about eight percent pushing the pump prices to over K10 per litre.

Energy Regulation Board (ERB) chairperson Dr George Chabwera announced the fuel price hike in a statement yesterday saying that the increment was effective midnight Thursday April 17.

The new pump price for petrol will now be K10.63 per liter from K9.91, while diesel has been increased from K9.20 to K10.01 a liter.

Kerosene has also gone up from K6.83 to K7.48 per liter.

The fuel hike has been necessitated by the continuous depreciation of the Kwacha which has been sliding against major international currencies.

The ERB chairman explained that fuel prices world over were determined by the local exchange rate in relation to the US dollar trading on the international market.