The Energy Regulation Board (ERB) has announced a significant downward adjustment in fuel pump prices across Zambia, with new rates taking effect on January 31, 2026. This decision, as stated by ERB Board Chairperson James Banda, is primarily attributed to a notable reduction in international oil prices and a strengthening of the local currency, the Kwacha.

According to the latest review, the price of petrol has been reduced from K29.92 to K28.98 per litre. Diesel will now be priced at K24.50 per litre, down from K25.11. Kerosene has also seen a decrease, moving from K23.88 to K22.24 per litre, while Jet A-1, crucial for the aviation sector, has been adjusted from K25.53 to K23.80 per litre.

James Banda further elaborated that since the first fuel price review on December 31, 2025, international petroleum prices have shown a consistent decline. Petrol prices experienced a 7.89 percent drop, falling from US$73.25 to US$67.47 per barrel. Similarly, diesel prices decreased by 3.80 percent, moving from US$79.93 to US$76.89 per barrel.

In addition to the international price trends, kerosene and Jet A-1 prices also declined by 4.05 percent, from US$82 per barrel to US$78.68 per barrel. Banda highlighted that the Kwacha appreciated significantly by 10.6 percent during January, moving from an average of K22.30 per US dollar at the beginning of the month to K19.94 per US dollar by month-end. These combined factors enabled the ERB to revise the prices downwards in an effort to manage pump price volatility. The new prices will remain in force until the next scheduled review by the ERB.