Zambia’s Energy Regulation Board has cut fuel prices. The move follows President Edgar Lungu’s pledge to do so even as Brent crude climbed 13 percent last month.
Gas prices will drop by 8.8 percent to 1.26 dollars per litre, while diesel will be 6 percent cheaper. The government increased fuel prices by more than 30 percent in October in a bid to remove the subsidies that the International Monetary Fund had criticized. Zambia imports all of its petroleum products.
The kwacha has fallen 3.7 percent against the U.S. dollar since September, while Brent crude has advanced 24 percent over the same period, increasing the cost of imported fuel.