LUSAKA: Zambian consumers will pay less for fuel at the pump from Monday midnight after the nation's energy regulator cut retail prices owing to a lower crude price and stronger local currency.
The price of petrol was reduced to 11.67 Zambian kwacha ($1.28) per litre from 12.50 kwacha, while the cost of diesel dropped to 9.87 kwacha per litre from 10.72 kwacha per litre, the Energy Regulation Board said in a statement.
"Between the last price adjustment and July 2017 there has been a gradual reduction in the price of petroleum products. With regard to the exchange rate, there has been a sustained appreciation of the kwacha," the regulator said.
Africa's No.2 copper producer last cut retail fuel prices in January, citing subdued oil prices and a stronger kwacha currency.
In October last year, Zambia hiked the retail price of petrol by nearly 39 percent, while the price of diesel was increased by 33 percent.
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