Zambia has enough fuel, assured ERB’s James Banda

By Derrick Sinjela in Lusaka (Lusaka Province) and Joel Mwanza in Ndola (Copperbelt Province)

ENERGY Regulation Board (ERB) Chairperson James Banda says in October 2024, prices of petroleum products on the international market and the exchange rate between the Zambian Kwacha and United States Dolar were relatively stable.

Addressing a Thursday 31st October 2024 Press Briefing in Lusaka, Mr. Banda explained that since the last fuel price review on 30th September 2024, the international price of petrol reduced by 0.18% that is from US$76.84 per barrel (bb) to US$76.70 (bb).

Banda told private and public media journalists that Diesel increased by 2.59% from US$82.39 per barrel to US$84.52 per barrel and kerosene plus jet A-I increased by 1.46% from US$83.08 per barrel to US$84.29 per barrel.

In October 2024, the notable relative stability in prices of oil on the international market and the exchange rate has resulted in minimal impact on prices of some petroleum products on the domestic market.

Based on the foregoing, Banda revised the pump price of diesel upward by K1.21 per litre from K28.90 per litre to K30.1 per litre.

On the other hand, Banda’s ERB did not adjust prices of petrol, kerosene and jet A-I on account of the resultant changes in wholesale prices being below the trigger band threshold of 2.50 percent (%).

Banda said prices of petrol, kerosene, and jet A-I were maintained at K32.70 per litre, K26.95 per litre and K29.57 per litre, respectively.

The pump prices for November 2024 are as follows:
NATIONAL UNIFORM PUMP PRICES K/Litre
32.70 28.90 26.95
32.70 30.11 26.95
JETA-I 29.57 29.57

Banda pegged Post Airfield Prices (PAP) at Harry Mwaanga Nkumbula international Airport (HMKIA) in Livingstone at 29.57 per litre,
Kenneth Kaunda International Airport (KKIA) in Lusaka) at 32.81 per litre
and Mfuwe Airport at 30.38 per litre.

The ERB Chairperson said during October 2024, a significant disruption to the importation of petroleum products was recorded, which resulted in an average of about 8% out of the 617 total filing stations experiencing shortages of petroleum products as at 31st October 2024.

Banda attributed the disruption in supply to logistical challenges currently being experienced by Oil Marketing Companies (OMC’s) in transporting petroleum products into the Zambia by road.

“The logistical challenges included persistent bortlenecks at the port of Beira ni Mozambique and the introduction of the new customs law in Zimbabwe which requires that transporters pay tax per truck of approximately US$24,000 to be refunded at the port of exit upon compliance with transit procedure. Zambian fuel transporters had to suspend imports through Zimbabwe. This resulted in bottlenecks at Chanida border post and extended transit times due to the increased routing distances. ERB is working with relevant government ministries and agencies to mitigate fuel supply challenges,” said Banda.

Banda says prioritizing loading of Zambian cargo at Beira Port in Mozambique,
faster clearance of tankers at Chanida Border Post
(Mozambican side),
engaging Zimbabwean Government to waive the Transit Tax and
allowing Zimbabwean Trucks back on the market to move Zambian cargo will improve petroleum supplies into Zambia.

Banda assured motorists and all stakeholders that sufficient fuel stock covering national requirements of petroleum products as at Thursday, 31st October 2024, stood at 32.67 milion litres of diesel and 14.17 milion litres of petrol.

“The public must avoid panic buying as national daily requirement of petroleum products are sufficient. We urge people to share information and grievances noted through the ERB offices in Lusaka, Kitwe, Livingstone and Kasama or through the Toll-Free Line number: 8484.

As the presser concluded, Mr. Banda alluded to the wholesale and pump price build-up for the November 2024 price review posted on the ERB website on www.erb.org.zm – Rainbow Newspaper Zambia Limited Rainbow Kwilanzi New Zambia KNZ Television Rainbow Television Zambia Limited Derrick Sinjela Zambian Kwacha Ngwee Press Zambian Cypwd Zambian Menstrual Hygiene Zambian Children Young People and Women in Development Zambian Developmental Media Alliance (ZADEMA) Zambian Media Taskforce on Ending Child Marriages Zambian Developmental Media Alliance (ZADEMA) Zambian Children Young People and Women in Development (ZCYPWD) Branding Zambia 2014 Journalists Against Piracy in Zambia – JAPIZ Simon Banda Simon Kwacha Rolf Shenton Kwacha Magazine Kaluba Simuyemba