He said consequent to the SIs,the Government has restored excise duty from K0.64/litre to K2.07/litre while VAT has been restored from 0% to 16% on petrol. The taxes which have been restored are excise duty and VAT,” Mr Bowa said.
59 on Value Added Tax(VAT) and No.44 of 2022 on Customs and Excise Duty, in order to restore taxes on petroleum products which were revised in January 2021. In September 2022, Government issued Statutory Instruments (SI), No. Since the last price review in August, the Kwacha appreciated, month-on-month by 3.23%, from an average of K16.12/US$ to K15.60/US$. This is amid concerns of inflationary pressures worldwide, anticipated slowdown of global economic growth and continued fears of a global recession.įurther,during the review period, the Zambian Kwacha continued to appreciate mainly due to increased supply of foreign exchange on the market on the backdrop of the continued positive market sentiments following the conclusion of the International Monetary Fund (IMF) package in August 2022. “Specifically, international oil prices continued to decline due to the global slowdown on consumption. He said the changes in pump prices and the posted airfield price are due to trends in the global petroleum prices and the exchange rate of the United States Dollar to the Zambian Kwacha in the period between the last and the current price review. The regulation of Jet A-1 prices has been necessitated by the need to attain regional competitiveness,” Mr Bowa said. “Therefore, the regulated Jet A-1 price, which is called the Posted Airfield Price (PAP), has been set at K20.69/litre for the month of October 2022.
#MWEB WEB DESIGN FULL#
Speaking a media briefing, ERB Board Chairperson Reynolds Bowa also announced that board has commenced the full regulation of the retail price of Jet A-1 at airports and shall going forward determine applicable prices on a monthly basis. The price of Kerosene has been adjusted downward by K0.65 per litre.
THE Energy Regulation Board (ERB) has adjusted upward the pump prices of petroleum products by K1.20 per litre for petrol and K3.04 per litre for diesel.
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