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.