daniel chigunwe
Michael Tome
ZIMBABWE Energy Regulatory Authority (ZERA) has effected a rise in petroleum products prices with diesel now pegged at US$1, 68 while blend petrol now costs US$1, 67 per litre.
The rise in fuel price is the second one in five days after diesel and petrol prices rose to $1, 51 per litre last Friday.
The adjustment in fuel prices follows a hike in brent crude oil which has now surpassed the US$130 mark per barrel, the highest price in over 14 years.
According to ZERA the prices have been set in accordance with the increasing oil prices on the international market.
“The fuel price increase has been prompted by international crude oil prices, which continuously went up following tensions in Eastern Europe Government has had to subsidies the final price to cushion the economy,” said ZERA in a statement.
The International Monetary Fund (IMF) last weekend warned price shocks would “have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses”.
Economists from around the world have since warned that the global shock brought about by the Russian – Ukraine war may have unforeseen consequences on the global economy.
Bongani Ndlovu