By KETRA KALUNGATHE fuel price adjustment has been prompted by the need to correct the price extortion that the country has had for over two years, the Energy Regulation Board (ERB) has said.ERB director of economic regulation, Alfred Mwila said the country has had a price distortion in fuel for over two years, a situation the energy regulator wants to correct.Mr. Mwila said the country faced a situation where the fuel price stopped responding to the dictates of the fundamentals that affect pricing which are the movement in the international oil price and the exchange rate.He stated that the international oil pricing and exchange rate were moving adversely in that the international oil prices were increasing while the exchange rate was depreciating.“There was a point when the exchange rate reached about K22 per US dollar and international fuel prices reached about 90 US$90 per barrel. This led to the fuel price remaining constant and was […]
Fuel price adjustment meant to correct price extortion – ERB
