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By ZamChro Correspondent

The Energy Regulation Board (ERB) has reversed the decision to increase the prices of petroleum products, ERB Chairman Sikota Wina has said.

The dramatic turn of events came late Thursday evening when Wina rushed to state-owned ZNBC television to withdraw the ERB’s acting chief executive officer Lukonde Mfula’s announced hike of fuel prices.

In an earlier statement press statement Mfula announced that petrol would be increased by K1, 114 (19.15 %), Diesel, K548 (10.01 %) and Kerosene by K383, (10%).

The benchmark prices for Lusaka was intended to reflect at K6,026 for diesel, K6,932 petrol and K4,217 for Kerosene as of today.

He said the price change had been necessitated by oil price increases on the international market and also the inclusion of a K65 per litre cost line that had been introduced to finance the cost of holding 15 days statutory operating stocks by all Oil Marketing Companies (OMCs).

He further said the price review had also been necessitated by the importation of refined petroleum products during the on-going shutdown of Indeni Oil Refinery for its annual maintenance.

Wina however made an announcement that the earlier statement made by Mfula had been withdrawn.

“ERB wishes to inform the public that the price adjustment of petroleum products announced yesterday, Thursday (October 29, 2009) has been withdrawn with immediate effect.”

“At present, there are other more pressing matters concerning fuel supply stability in the country and fuel pricing is not one of them,” said Wina.

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