JCTR Press Statement on the Removal of Subsidies

WILL RESOURCES REALIZED FROM SUBSIDY REMOVAL REALLY BE UTILIZED TO CUSHION THE POOR AND VULNERABLE?

On 16th December, 2021, the Energy Regulation Board (ERB) announced fuel price adjustments. Wholesale and pump prices for petroleum products were revised upwards effective midnight 16th December, 2021. The pump price of one litre of Petrol has increased by K3.54 and now pegged at K21.16 from K17.62. The pump price of one litre of diesel was also increased by K4.56 to K20.15 from K15.59.  The pump price of one litre of Low Sulphur Gasoil (LSG) was increased from K17.82 to K22.29 which gives an absolute variance of K4.47. Kerosene prices have remained unchanged. This follows an announcement by the government that fuel subsidies will be removed so as to migrate to cost reflective pricing as a measure to return the nation on a path to debt sustainability. This adjustment is part of the economic reforms being implemented by the United Party for National Development (UPND) Government as part of its staff-level agreement with the International Monetary Fund. Read more

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