Fuel prices remain unchanged

Business Reporters
FUEL prices in Harare and surrounding areas have remained unchanged with petrol still selling at an average of US$1,51 per litre while diesel is going for about US$1,35 per litre contrary to media reports that petrol was now selling at about US$1,70 per litre with diesel at an average US$1,50, a survey by Herald Business has revealed.
The speculation was driven by reports from South Africa that fuel was going up by R0,32 cents for petrol and R0,33 cents for diesel effective tomorrow.
This price change was widely expected to influence local prices while others said that the announcement of the election results fuelled the high prices.

Cernic Finance executive director Mr Joseph Sagwati said there was no justification for such an increase that since it was the US dollar and not the rand that we use as the main currency since adoption of the multi-currency regime in 2009.

“Just because South Africa has announced that they are reviewing their fuel prices upwards does not mean that our local players should follow suit. This is unjustifiable.

“The South Africans are hiking their fuel prices to counter the weakening of the rand against the United States dollar,” he said.
Reailer Sakunda Energy said they were yet to receive any information regarding the reported increase.

Public relations manager Ms Sarah Muwati said the fuel prices had not been adjusted.
“Our fuel prices have not been changed and take note that generally the motivation for our price increases emanates from global fuel trends or in line with any changes in levies.

“We just cannot increase the prices without Government approval,” she said.
The last time fuel prices went up in Zimbabwe was in February this year by at least 5 percent that saw petrol going up from an average of about US$,1,46 per litre to about US$1,51 while diesel went up from an average of US$1,30 per litre to about US$1,35 per litre.

During the same period, Zimbabwe Energy Regulatory Authority board chairman Mr Canada Malunga said while Government had deregulated the price of petroleum products, the authority would not ignore circumstances where it felt the industry was ripping off customers.
“As an authority, we will, however, closely watch the movement of fuel prices to see if they are reasonable.

“What I can tell you is that our assessment shows that our prices remain competitive compared to other countries,” he was quoted as saying then.