By John Chola

In a move that will bring relief to consumers and businesses, the Energy Regulation Board (ERB) has announced a reduction in the pump prices of petrol, diesel, kerosene, and Jet A-1, effective last midnight.

The new prices, released in a statement on Saturday, buck the trend of rising international oil prices, thanks to a sharp appreciation of the Zambian Kwacha.

While global market prices for all refined products increased over the past month, the ERB explained that the local currency’s strength more than offset these costs.

Between the start and end of February 2026, the Kwacha appreciated by 4.17 percent against the US Dollar, moving from an average of K19.80 to K18.98 per dollar.

This local currency gain allowed the Board to pass on savings to consumers, Board Chairperson James Banda stated in the statement.

Effective from 28th February 2026, petrol will now retail at K26.61 per litre, a drop of K1.27 (4.56 percent) from the previous K27.88.

Diesel has been reduced by K1.25 to K23.25 per litre, representing a 5.10 percent decrease.

Households and the aviation sector will also benefit from the price review.

Kerosene, commonly used for lighting and cooking, drops by K1.18 to K21.06 per litre.

Jet A-1 fuel has seen the largest absolute and percentage cut, falling by K1.41 to K22.39 per litre, a reduction of 5.92 percent.

The new prices contrast with the upward trajectory of international benchmarks.

According to the ERB’s data, the price of petrol on the global market rose by 4.22 percent (from US$67.47 to US$70.32 per barrel) since the last review on 31st January 2026.

Similarly, diesel surged by 7.85 percent and Kerosene/Jet A-1 climbed by 6.70 percent.

“The exchange rate of the Kwacha against the United States Dollar appreciated by 4.17 percent in February 2026,” Banda clarified, explaining how the domestic price cuts were possible despite the global price surge.

The Board also released revised Posted Airfield Prices (PAP) for international airports.

Lusaka’s Kenneth Kaunda International Airport (KKIA) and Ndola’s Simon Mwansa Kapwepwe International Airport (SMKIA) will sell Jet A-1 at the base rate of K22.39 per litre.

The price is slightly higher at Harry Mwanga Nkumbula International Airport (HMNIA) in Livingstone at K23.20 per litre, and highest at Mfuwe Airport at K25.90 per litre.

The new prices will remain in effect until the next review by the ERB.