Fuel prices drop again

Business Reporter

Fuel prices for both blend and diesel marginally dropped effective today, the Zimbabwe Energy Regulation Authority (ZERA) has said.

The last review was on 23 November.

In reviewing the cost of fuel, the energy regulator pegged the retail price of the blend at US$1.54 or ZWL1008.57 down from US$1.59 or ZWL 1028.55.

Fuel consumers will now fork out $1. 70 or ZWL 1 113.03 per litre for diesel down from $1.73 or ZWL 1 116.94 per litre.

The regulatory body said the public and operations are advised that the blending ratio remains at E20 adding that operators may sell the petroleum products below the prescribed prices depending on their trading advantages.

Zera reminded operators that they are obliged to display prices in a prominent place as provided for by the fuel pricing regulations.

The drop in fuel costs comes days after the Zimbabwe National Statistics Agency (ZimStat) said the  month-on-month inflation rate dropped to 1.8 percent in November after shedding 1.4 percentage points on the October rate of 3.2 percent.

Inflation is now at its lowest since April last year and the second lowest for more than three years, as the market-led and effective policy interventions by the Government and the Reserve Bank of Zimbabwe continue to succeed in holding prices down.

Similarly, annual inflation rate as measured by the all-items Consumer Price Index (CPI) has also dropped drastically to 255 percent from 268 percent.