Petrol, diesel prices hit record highs as ERB hikes prices by over K6

He said sustained geopolitical tensions in the Middle East had placed upward pressure on international petroleum prices during the review period.

Banda said petrol prices rose from US$104.94 to US$121.58 per barrel, diesel from US$150.92 to US$160.88 per barrel, and kerosene/Jet A-1 from US$125.30 to US$144.00 per barrel.

He said the Zambian Kwacha also depreciated against the United States dollar from K19.28 per US dollar to K19.76 during the same period.

Banda said ERB price-smoothing measures, together with the Government’s suspension of excise duty and zero-rating of Value-Added Tax (VAT) from April to September 2026, had moderated the impact on domestic petroleum prices.

He said the interventions helped maintain Zambia’s petroleum product prices among the lowest in the SADC and COMESA regions, while resulting in foregone tax revenue for the Government.

In the absence of the measures, he said, domestic fuel prices would have been materially higher.

Banda added that following the expiry of the tax-relief period in September 2026, the Government had resolved to reinstate excise duty with effect from October 2026 to mitigate the immediate impact on consumers, while VAT would be reinstated on December 1, 2026.

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