In Zambia, the Energy Regulation Board (ERB) announced fuel price cuts for October 2024, offering relief to consumers.
With petrol now priced at K32.70 per litre and diesel at K28.90, these reductions come as global oil demand has dropped.
This decline is expected to relieve inflationary pressures on goods and services.
In a hopeful move, the Energy Regulation Board (ERB) has announced fuel price reductions for October 2024 in Zambia.
This change, effective immediately, is a significant relief for consumers who have been struggling with rising costs.
Starting this month, petrol will now cost K32.70 per litre, down from K33.47.
The price of diesel will be K28.90 per litre, down from K30.05.
Kerosene will now be K26.95 per litre, down from K27.52, and Jet A-1 will cost K29.57 per litre, a decrease from K30.53.
ERB Chairperson, James Banda explained that these price cuts resulted from a decline in global petroleum product prices.
Officials observed this decline in September 2024.
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He noted that a drop in global oil demand has driven this reduction.
This drop is mainly due to an economic slowdown in major oil-importing regions.
Since the last fuel price review on August 31, international prices have dropped significantly.
Petrol has decreased by 7.1%, diesel by 8.72%, and both kerosene and Jet A-1 by 7.19%.
Experts expect this news to benefit both consumers and businesses, easing inflationary pressures on goods and services.
As fuel costs decline, many hope to find some financial relief in their daily lives.