LUSAKA, March 1 (Xinhua) -- Zambia on Thursday announced a reduction in fuel prices, attributing to recent changes concerning international oil prices and the local currency.

According to the Energy Regulation Board (ERB), the petrol price was reduced from 16.06 Zambian Kwacha (about 1.4 U.S. dollars) to 15.20 Kwacha while the diesel price dropped from 14.65 Kwacha to 13.43 Kwacha.

ERB Chairman Raymond Mpundu said in a statement that the price reduction was decided based on the movements in international oil prices and the exchange rate of the local currency against the U.S. dollar.

The new prices would take effect from Feb. 28 midnight, he added, asking the retailers of petroleum products to implement this reduction promptly, or suffer "regulatory sanctions."

According to the ERB review, there were only two upward adjustments of petroleum products prices last year because of generally stable international oil prices and a stable local currency.