Bus operators in Kitwe have increased bus fares with between K2 and K2.50 for local routes. According to the Bus and Taxi Owners Association of Zambia, the increment is effective today October 8, 2018.
The association has justified the increment in bus fares following the upward increase in fuel prices.
But commuters have complained, describing the increment as exorbitant.
“This increase in bus fares is just to much. But again we can’t blame the bus drivers. It is the fuel which the government has increased. It is painful but there is nothing that we can do,” Mary Tembo a commuter said.
And a check found that the bus drivers have since effected the new fares.
Last week, the Energy Regulation Board (ERB) adjusted upwards the pump price of fuel citing changes in two main variables that influence the price of the commodity.
In a statement issued by ERB Board Chairman, Raymond Mpundu to the media, oil prices have increased on the international market whilst the Kwacha had depreciated.
Petrol was increased by K2.31 to K16.06 from K13.75, diesel adjusted by K2.64 to cost K14.65 per litre.
Mr. Mpundu said kerosene went up by K2.49 from K8.85 to K11.34 per litre respectively.
“Of the two fundamentals, the international oil price has been the most volatile and is the key driver for this price adjustment. Specifically, from the last price adjustment on 12th February, 2018, the volatility of the Kwacha has depreciated against the United States Dollar by about 26.39% in the last two weeks of September, 2018,” read the statement.
Mr. Mpundu stated that the price adjustment was based on the current cargo. The ERB Chief further stated that the review in based on the cost plus model used to determine fuel prices.
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