Chronicle Editor
Oliver Kazunga, Senior Business Reporter
THE Zimbabwe Energy Regulatory Authority (Zera) has reviewed downwards the price of fuel in line with the prevailing international oil prices.
The move brings relief to motorists who have experienced sharp increases in the past weeks due to the adverse impact of the Russia/Ukraine conflict.
In a public notice yesterday, Zera said the latest pricing structure where the price of both diesel and petrol have been reduced by margins of around two percent and five percent were applicable from yesterday to March 27.
According to Zera, the latest pump price for diesel is now $213,90 per litre or US$1,60 per litre while petrol is selling at $213,49 per litre and US$1,59 per litre.
A few weeks ago, Zera increased fuel prices citing increasing oil prices on the international market with the pump price for diesel reviewed to $218,01 per litre or US$1,68 per litre while petrol was pegged at $216,78 per litre and US$1,67 in forex.
“Prices have been set in accordance with oil price patterns on the international market, which the authority is continuously monitoring. The public and operators are advised that the blending ratio remains at E0,” said Zera.
“Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations.”
Since January last year, there has been increases in the Free on Board (FoB) prices for diesel and petrol, which has had a knock-on effect on the pump price of fuel. FoB refers to the costs of shipping the product.
However, in light of the latest fuel price hikes, economic analysts have attributed these to the Russia-Ukraine war given that supply has been cut off from Russia.
Meanwhile, President Mnangagwa has directed Government to enforce domestic remedies including a reduction of duty on petroleum products to control the price of fuel.
The fuel price has been rising in recent weeks on the international market due to geopolitical factors caused by Russia-Ukraine war. — @KazungaOliver
Online Reporter