Fuel prices fall for third straight month as ERB cuts pump prices across the board

Zambian motorists and commuters will pay less at the pump this month after the Energy Regulation Board announced a fresh round of fuel price reductions, the third consecutive monthly cut driven largely by falling international oil prices.

Diesel will now retail at K26.86 per litre, down from K28.11, while petrol drops to K25.29 from K26.15. Kerosene has been reduced from K28.32 to K27.02 per litre, and Jet A-1 has fallen from K30.27 to K28.71, representing a 5.15 percent reduction on the latter.

ERB board chairperson James Banda said the adjustments, which took effect immediately, were driven by movements in international oil prices and changes in the exchange rate. He said the average international price of petrol dropped from US$105.82 per barrel to US$96.92 per barrel during the review period, while kerosene and Jet A-1 prices declined from US$158.97 to US$123.59 per barrel.

Diesel told a slightly different story on the international market. Mr Banda said the global price of diesel had in fact risen marginally, from US$125.65 to US$126.58 per barrel, meaning the domestic cut in diesel prices came despite a small increase abroad rather than because of one.

He attributed the overall softening in prices to a global oil price slump that outweighed the impact of a weaker Kwacha, which depreciated against the United States dollar during the same period, moving from K18.35 to K19.01 against the greenback.

“International prices have dropped significantly, and this has cushioned the effect of the Kwacha’s depreciation,” the board said in a statement issued in the evening.

The reduction follows similar cuts in June and July, meaning motorists have now enjoyed three straight months of falling pump prices even as the local currency has continued to weaken against major trading currencies. Mr Banda explained that the movement in international oil prices and the exchange rate were the two key factors weighed when calculating the August 2026 fuel prices.

Reaction to the announcement was swift. Bus drivers in Lusaka said they were quick to welcome the news, joking among themselves that passengers might finally stop complaining about fares, at least until the next price review. For ordinary residents, the timing of the adjustment, coming into effect at midnight, added an unexpected touch of festivity to an otherwise routine regulatory announcement.

“It feels like Christmas has come early,” one motorist filling up at a Lusaka fuel station was overheard saying, smiling as he looked forward to the lower cost of his next tank.

The ERB chairperson noted that while the price relief was welcome, global markets remained affected by ongoing geopolitical tensions in the Middle East, a caveat suggesting the current run of cuts should not necessarily be taken for granted in the months ahead.

For businesses and households alike, the latest reduction is expected to ease transport and operational costs, though the pace at which those savings filter through to the wider economy, from bus fares to the price of goods transported by road, will depend on how quickly the change is reflected across supply chains.

The cut comes at a politically sensitive moment, with campaigning for the 13 August general election in full swing and cost-of-living issues featuring prominently in public discourse. Whatever the underlying market drivers, the timing of three consecutive months of falling fuel prices ahead of polling day is unlikely to go unnoticed by either voters or political parties.

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