THE Energy Regulation Board has increased the retail fuel pump prices by K1.

The increment is with immediate effect midnight today.

ERB vice chairman Ng’ande Mwanajiti announced this at a media briefing in Lusaka.

Petrol has been hiked from K11.67 to K12.97 while Diesel has been adjusted from K9.87 to K11.09.

Kerosene has also been increased from K6.50 to K7.82 while Low Sulphur gas has been adjusted from K12.16 to K13.38

Mwanajiti said the board of directors would continue to monitor developments in the exchange rates and international oil prices.

He said that the board would only adjust fuel prices every 60 days when there were changes in the wholesale prices.

The ERB on August 7 reduced pump prices of fuel by about seven per cent, necessitated by excess supply, high oil inventories and appreciation of the Kwacha.

Petrol, which was selling at K12.50 per litre, was reduced now to K11.67, while the price of diesel went down from K10.72 to K9.87 per litre.

The price of kerosene dropped from K6.81 to K6.50 per litre while that of low sulphur diesel went down from K13.01 to K12.16 per litre.