NEW: Good news for consumers as Government slashes fuel prices

Online Reporter

THE Zimbabwe Energy Regulatory Authority (Zera) has reduced fuel prices, lowering the cost of both petrol and diesel in a move expected to ease pressure on consumers and businesses.

In a price review effective April 17, Zera cut the price of blended petrol (E20) to US$2,08 per litre, down from US$2,23, while the price of diesel was reduced to US$2,09 per litre from US$2,11.

The reductions also translate to lower local currency prices, with blended petrol now at ZiG 52,37 per litre and diesel at ZiG 52,63.

“Since the last few months when volatility of fuel supply began, Government prioritised security of supplies through market sensitive pricing and reduction of taxes to cushion consumers and the economy at large,” said Zera in a statement.

“The price of blend has also been reduced by the significant increase in the blending levels from E5 to E20.”

The energy regulator said Zimbabwe currently holds adequate fuel stocks.

“Members of the public are advised not to engage in any panic buying or hoarding as the country is assured of adequate stocks for a period spanning over three months.

“On its part, the Zimbabwe Energy Regulatory Authority will closely monitor the situation and take the necessary steps in the two weeks within which the prices are effective.”