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Zambia cuts fuel prices

Xinhua, January 4, 2017 Adjust font size:

Zambia's energy regulator on Tuesday announced a reduction in fuel retail prices, with effect from Tuesday midnight.

The Energy Regulation Board (ERB) said it has reduced the pump prices of all petroleum products due to a favorable exchange rate and subdued global oil prices.

Professor Francis Yamba, chairperson of the regulator told reporters during a press briefing in Lusaka, the country's capital that the regulator will continue to monitor and review the pump prices in order to minimize consumer shocks.

According to the new prices, the price of petrol has been reduced to 12.50 Zambian Kwacha (about 1.25 U.S. dollars) from 13.70 Kwacha per liter while the price of diesel has been reduced to 10.72 (about 1.07 U.S. dollars) Kwacha per liter from 11.40 Kwacha per liter.

In October last year, Zambia increased the pump price of petroleum products. Endit