LUSAKA (Reuters) - Zambia announced an increase in the retail price of fuel on Tuesday, citing rising international oil prices and depreciation of the kwacha.
The pump price of petrol would be increased to 12.97 kwacha per litre from 11.67 kwacha, while that of diesel would rise to 11.09 kwacha per litre from 9.87 kwacha, the energy regulator said.
“Failure to adjust the pump price upwards would entail that the government incurs a significant loss,” the Energy Regulation Board (ERB) said, adding that fuel subsidies were against government policy.
In August, Zambia reduced fuel prices after the energy regulator cited a lower crude price and stronger local currency.
Reporting by Chris Mfula; Editing by James Macharia