February 13, 2018 / 3:32 AM / 5 months ago

Zambia lifts fuel prices as kwacha weakens

LUSAKA (Reuters) - Zambian fuel prices will increase from midnight on Monday due to rising international oil prices and the depreciation of the kwacha, the energy regulator said.

A Shell logo is seen on fuel pump while a car is refueled at the gas station In Warsaw, Poland June 1, 2017. REUTERS/Kacper Pempel

The pump price of petrol would be increased to 13.75 kwacha ($1.41) per litre from 12.97 kwacha, while that of diesel would rise to 12.01 kwacha per litre from 11.09 kwacha, the energy regulator said.

“The price change is effective today 12th February, 2018 at midnight,” the Energy Regulation Board (ERB) said, adding that the hike would ensure security of supply.

The kwacha is down nearly three percent year-to-date against the dollar, mainly dragged down by a recent slump in global copper prices, the southern African nation’s chief export.

($1 = 9.7200 Zambian kwacha)

Reporting by Mfuneko Toyana, Editing by William Maclean

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